You should avoid these 4 mortgage mistakes while buying a home.
Top 4 Mortgage Mistakes to Avoid
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It is important to avoid some of these common mistakes:
Not Checking Your Credit Score: A credit history is important because it assesses your ability to repay the loan.
Neglecting to Factor in the True Cost of Home Ownership: There’s more to borrowing $250,000 than the principal; getting a $250,000 mortgage for 25 years with a 4.5% interest rate brings the total purchase price to $365,292.
Not Shopping Around for the Best Rates: Lot of different lenders out there that provide loans with special interest rates and/or other financial products.
Skipping the Pre-Approval Process: It’s a good idea to see what kind of mortgage you can qualify for by getting pre-approved. Getting pre-approved means you can put in a serious offer quickly, and applying for the mortgage itself will also take less time.
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