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WTF Mistakes Should I Avoid When Applying for Home Loan?
A fast run-down of the top mistakes to avoid when applying for a home loan.
A mortgage is a loan secured by your home. It’s the financing we need to buy a house. There are many options when shopping for a home loan. What matters is that you’re qualified and that your rates are great. It’s important to speak to a mortgage advisor who can guide you through the process and answer any questions you might have.
Mistake #1: Applying for an Unsuitable Loan
Do you wish to avoid getting a loan that is beneath your expectations? Is your mortgage advisor asking you how long you plan to live in the house? Is this a long term purchase? Do you think you might move when you have kids? Do you have a plan for how you’ll pay off the house? Perhaps you are thinking about turning it into rental property in the future. How does purchasing this house fit into your financial goals? How does this home loan fit into your long term goals?
Are you considering an FHA loan when a conventional loan, with a 3% down payment may be a better option for you? Do you earn your income in a way that suits the type of mortgage you’re applying for? Have you had bad credit in the past?
