Farlan Realty Inc., Brokerage

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Avoid These Two Big Mortgage Mistakes!

I've been in this industry for as long as I can remember, we all know that searching for and viewing potential homes is the fun part of the home-buying process.

The not-so-fun part? The mortgage.

But if you don't pay attention to the details, your mortgage can end up dragging down the enjoyment of your new home and cause some major regrets.

 I always ensure my client's to avoid these few mistakes which can help you love your mortgage terms as much as your hew home.

 

Don't find your home first: Shopping around for the best mortgage rate should be the first step in the home buying process. You may even want to talk to a mortgage broker a full year before you plan to buy. It'll give you time to get your affairs in order to qualify for the best rate, could save you thousands of dollars in the long run, and you won't feel rushed to accept an unattractive loan because you're worried you'll miss out on your dream home.

 

Don't forget your real budget: There's often a big difference between what a lender says you can afford and what you can actually afford. Your debt-to-income ratio doesn't include the money you spend on hobbies, or the cost of commuting to work, or maintenance and utility costs. Really sit down and examine your spending before committing to the loan amount the lender is offering. You won't enjoy your home nearly as much if it's eating into your favorite hobbies.

 

Avoid these small mistakes, and I can assure you will be comfortable with not only the home but the set mortgage terms!

Comments

Aron Finch

It may be very interesting and fun activity of looking for the new houses to purchase but it is true if issue of mortgage is not being dealt properly, it may cause some regrets. One should read best essay service review for ideas to look for the best mortgage rate at the very first.

Jofra

Thanks