10 Biggest Mortgage Mistakes First-Time Home Buyers Make

10 Biggest Mortgage Mistakes First-Time Home Buyers Make
Mistake #1 – Not reviewing credit report
Mistake #2 – Using low or zero down payment
Mistake #3 – Underestimating the impact of existing debt
Mistake #4 – Changing jobs mid-application process
Mistake #5 – Forgetting about total cost of homeownership
Mistake #6 – Buying big-ticket items mid-application process
Mistake #7 – Forgetting about closing costs
Mistake #8 – Not shopping around for the best mortgage deal
As it turns out, 77% of borrowers only applied to ONE lender?
Mistake #9 – Not getting pre-approved for a loan
A pre-qualification is a very casual procedure where the lender will have a quick look at how much money a person can borrow based on their income, outstanding debt, savings etc.
A pre-approval is more of an involved process, where a number of documents are requested (such as tax forms, pay slips, employment etc), its information gets verified, one’s credit gets checked, and an agreement gets made up to provide you with a loan.
Mistake #10 – Withholding information
Xavier De Buck (@XavierDeBuck) February 11, 2016
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