WAXHAW, NC – There are significant factors to keep in mind when you need a home mortgage. Below are the top 5 mistakes to avoid.
#1 – FAILING TO CHECK YOUR CREDIT
Good credit is a big factor in obtaining a mortgage. Carefully review your credit report. Check for erroneous information. See if you need to improve your credit before beginning the mortgage process.
#2 – NOT LINING UP FINANCING FIRST
One of the biggest disservices you can do to yourself is to become attached to a home, only to realize during the mortgage process that you can’t afford it.
#3/4 – NOT ENOUGH MONEY TO GO UNDER CONTRACT, FOR INSPECTIONS, A DOWN PAYMENT, AND ADDITIONAL FEES
Once you know what amount you qualify for, don’t forget to ask about money you will need before writing a contract, and the cash you will need at closing. In addition to a down payment, you will need cash to go under contract (due diligence, earnest money and inspections ), for the appraisal, title insurance, up-front real estate taxes, lender fees, etc. Your broker will help estimate costs.
#5 – MAKING BIG PURCHASES BEFORE CLOSING
Credit worthiness is based on your overall financial picture, so if you drop big money (from your bank account or on credit) before closing, it can be very detrimental. Avoid spending outside of your necessities until you’ve closed.
Avoid these mistakes and the mortgage process should be smooth sailing! Contact me at email@example.com or 704-778-6205 if you would like additional information.