Here’s how to steer clear of pitfalls that can mess up your mortgage:
Waiting for 20% Down Payment: A 20% down payment helps you avoid PMI, but with today’s low mortgage rates, waiting could cost you more as rates and home prices rise.
Meeting Only One Mortgage Lender: Meeting with just one lender might make you miss out on better rates. Compare at least three to ensure you get the best deal!
Pre-Qualified vs. Pre-Approved: Pre-qualification is a basic estimate, while pre-approval is a deeper dive into your finances, giving you a stronger buying position.
Moving Money Around: Avoid shifting money in and out of accounts during the buying process. It can raise red flags with your lender.
Applying for New Credit: Hold off on opening new credit lines or increasing limits before closing. It could negatively impact your mortgage terms.
Changing Jobs: Stability is key! Changing jobs before closing can complicate your mortgage approval.
Visit www.nicolespellmangroup.com for your daily real estate tips.
#MortgageMistakes #HomeBuyingTips #HomeBuyerTips #SmartHomeBuying #SmartHomeBuying#MortgageTips #HomeBuying2024 #HomeLoanTips #FirstTimeBuyerAdvice
