Top Mortgage Mistakes
Buying a new home is an exciting process that can quickly cause you to want to tell your Murfreesboro movers to turn around and bring all of your belongings to your old house. The biggest culprit of sucking the fun out of fully enjoying your new home? Realizing you made a huge mortgage mistake.
There are countless amounts of details to keep in mind when finalizing the purchase of a new home, that it is perfectly understandable how mistakes easily get made during the home loan process. With over 20 years’ experience moving families to their dream homes, you can trust that this list of top mortgage mistakes from All My Sons Moving & Storage in Murfreesboro will put you on the right path.
Waiting to get prequalified. Few people know that you can get pre-qualified for a mortgage before you even start your home search. By doing this, you send the message to sellers that you are serious about making an offer, and will be able to have your Murfreesboro moving company bring boxes to your new home much sooner. You also have the opportunity to rectify any issues with your credit that is bringing your score down.
Settling with the first option. Instead of settling with the first option that a mortgage company gives you, shop around at different companies for the best loan. Make sure to keep your meetings to around 2-3 lenders though; by meeting with more lenders than that, you risk negatively affecting your credit score.
Ignoring your budget. Sure, the thought of having your Murfreesboro moving company pull into the driveway of a large fancy house seems nice – until you have to make your first mortgage payment. Just because you qualify for a large home loan does not mean that you can actually afford the total loan amount. Don’t start house shopping until you look at your budget and figure out exactly how much you can spend on your new home and all of the other expenses that come along with it.
Staying in the dark about your credit score. Did you know that interest rates are based on your credit score? The higher your credit score, the lower your interest rates will be. For this reason, knowing what your credit score is will allow you to take the necessary steps to raise it those few extra points in order to get the best interest rate possible.
Not analyzing your options. Because there are several types of loans out there, make sure to go to a lender who will help you figure out with mortgage loan best suits your needs. The last thing you want to do is jump into the first loan that is presented to you simply because it is the only one that you have heard of.