Shopping For A Mortgage Dont Make These Key Mistakes That Trip Up Firsttime Buyers

Dated: January 23 2018

Views: 324

Shopping for a Mortgage? Don’t Make These Key Mistakes That Trip Up First-time Buyers

Shopping for a Mortgage? Don't Make These Key Mistakes That Trip Up First-time BuyersAre you ready to dive into the real estate market for the first time? Buying a new house, condo or apartment is an exciting experience that sets you on the path to building your net worth. However, if you are planning to take out a mortgage, you should be aware that there are some potential pitfalls to avoid. Let’s explore a few of the key mistakes that first-time homebuyers make when they are shopping around for a mortgage.

Mistake #1: Trying To Rush The Process

The first mistake that you will want to avoid making is trying to rush the mortgage process along. Even if you have all of your paperwork ready before you enter the building, it can still take your mortgage lender some time to complete the background checks necessary to determine how much risk you represent. If you need to close on your new home quickly, it’s best to get pre-approved for your mortgage amount first.

Mistake #2: Ignoring Your Credit Score

Ask yourself: when is the last time you checked your credit score? Is your credit history healthy or does it need some attention? Are there any black marks or delinquencies in your past that need to be dealt with? Many first-time buyers fail to appreciate the importance of their credit score when they apply for a mortgage. Don’t make the same mistake.

Mistake #3: Being Behind On Your Taxes

Another crucial mistake that is commonly made is not being up to date with the IRS. While being behind on your taxes is never a good place to be, it can be significantly worse if you are trying to take out a mortgage. Remember that a mortgage is a large loan and one that presents a certain amount of risk to the lender. If you are not paying your bills on time, they may decide that you aren’t worth the trouble.

Mistake #4: Not Working With A Mortgage Professional

The last mistake we will warn you to avoid is trying to move forward with a mortgage without consulting a professional first. An experienced mortgage advisor knows far more about the current market than the average person does. The last thing that you need when you are trying to buy a home is bad advice. It is a good idea to work with a mortgage professional who has your best interests in mind.

When you are ready to buy your next home, contact us. We would be happy to share our insight and help you choose the mortgage product that best suits your needs.

For More Info Visit: http://www.bondstreetloans.com

Latest Blog Posts

The Latest Job Report As It Relates To Real Estate

Last Friday, the Bureau of Labor Statistics released a very encouraging jobs report. The economy gained 916,000 jobs in March – well above expert projections of 650,000 to 675,000.

Read More

Upgrades For The Highest ROI When Selling

As you consider upgrading your home in preparation for an easy sale, there are a few questions to consider before diving in. Once you answer those, you'll have a clearer idea of what

Read More

Real Estate Is The Strongest Tailwind To Todays Recovering Economy

Last year started off with a bang. Unemployment was under 4%, forecasters were giddy with their projections for the economy, and the residential housing market had the strongest January and

Read More