I can help you avoid these 5 common mistakes, and you will have no problem getting your mortgage faster, more efficiently, and with a clear understanding of the process:
Shopping for a mortgage can be stressful. You might not know where to start or even where you should end up. I can help. For starters, here’s 5 common mistakes you should avoid when shopping for a mortgage:
1) Thinking banks are the first and best place to go for a mortgage… no no no.
Mortgage brokers are more personal. I believe in taking the time to understand your situation and I pay attention to the little details. I can often beat the bank rates by using different lending institutions. The bank is limited to one lender, but if you use a mortgage broker, they have the option to shop for you with multiple lenders to find you the best product.
2) Not knowing your credit score.
Your credit score is a huge factor in your mortgage application. The first thing lenders look at is your history and your score. You should know where you stand because so much of your lending availability is tied to your credit score. In mere minutes, I can help you obtain a copy of your credit report, and go through it to ensure the information is correct.
3) Shopping with too many lenders.
When you shop from institution to institution you will have your credit score pulled multiple times. Lenders typically frown upon this and it may interfere with your mortgage application. If you go to a mortgage broker such as myself, your score is only pulled once.
4) Not keeping your taxes up-to-date.
Plain and simple: If you are self employed or the mortgage application is requiring a 2 year income average to qualify (utilizing overtime wages and/or bonuses) and you haven’t filed your taxes and kept them up to date, you cannot get a mortgage. Lenders will ask for your notice of assessment if your tax filings are not up to date, and you will not get your mortgage until they are filed properly and a Notice of Adjustment from the latest year is received.
5) Not understanding that the real estate market you qualify in TODAY will adjust in the future.
Rates may be at an all time low right now, but new rules, government regulation, and changes when you are up for renewal can change the circumstances. You must be able to carry your mortgage payment at a higher rate or with new laws imposed.
Securing a mortgage isn’t always about getting the best deal. It’s about getting a home you want and establishing yourself as a homeowner. Utilizing a mortgage broker such as myself, can help you get the right finances and will be more helpful and beneficial for you in the long run.