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Buying a home avoid these mortgage mistakes

Undoubtedly, buying a home is one of the biggest investments that one makes in his life. And for this, he needs to carry the biggest debt- mortgage. If you are planning to buy a new house, then be sure to avoid the below given mortgage mistakes. Contact Us if any help needed

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Buying a home avoid these mortgage mistakes

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  1. Buying a Home? Avoid These Mortgage Mistakes By Homestead Road

  2. Consulting a non-local mortgage company It is a common mistake made by most of the homeowners that they approach a non-local company. You need to understand that real estate is local and a mortgage lender from another state would not be able to ensure quality services in your state. You are always advised to consult a local mortgage company to buy your mortgage.

  3. Not getting a mortgage pre-approval There is a big difference between the mortgage pre-qualification and pre-approval, but most of the homeowners do not know that difference. Pre-approval for the mortgage secures the finances, which is not done through pre-qualification. It is because the pre-qualification is issued on the basis of the information that the borrower provides to his lender but the pre-approval is only issued after reviewing the credit score, tax returns, pay stubs and other financial information. HomesteadRoad.com

  4. Not shopping around Usually, the homeowners assume all the mortgage companies to be same and they buy a loan from the lender they consult first. Well, that is a big mistake you would be making. The interest rates and the lender’s fee are not same in all the mortgage companies; also, the type of service they provide varies from one lender to another. So, you need to shop around, look out a few mortgage lenders, compare their services and then choose a right one.

  5. Putting nothing or a little down There are some mortgage companies that allow you to purchase a home without or with just a small amount of down payment. Though it is a good idea if you are unable to put a large amount of money down, in the case, there are other buyers who are offering the seller a big down payment, most probably the seller is going to accept the offer with big down payment. HomesteadRoad.com

  6. Adding too much debt Another mistake you need to avoid is adding much debt after getting pre-approval for the mortgage. You are recommended not to make any other big purchase until you are done with purchasing your home; otherwise, it will mess up your debt-to-income ratio and would result in the denial of your mortgage. HomesteadRoad.com

  7. Homestead Road So, avoid these mistakes if you want to get the mortgage and buy a home. If you are unsure whether you would be able to make a right move or not, it would be better to seek professionals’ help. Contact Homestead Road to any kind of help regarding buying and selling a home.

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