Mistakes Nobody Should Make on their Next Mortgage Loan

1. Not Knowing How Much Money You Have Available to Put Down
It’s important to know how much you can afford to pay in down payment and closing costs when you apply for your mortgage. The more you put down the better rates and terms you’re likely to get.

2. Working With A Mortgage Broker Who Has A Poor Performance Record
Those who are in the know, know that the most common reason that a sale fails to go through is that the mortgage fails to go through. Ask your mortgage broker about her/his performance history and for references if available.

3. Not Understanding The Process; From Application, to Underwriting, to Closing
Most of us don’t shop for a mortgage very often. As a result it isn’t something we become familiar with. Work with a mortgage broker who will take the time to answer your questions and uses terms you understand.

4. Making Large Purchases Prior to Your Mortgage Application
Many people think that it is in their best interest to get large purchases completed prior to applying for their mortgage. As total debt is a key component in determining the amount of home you qualify for it is best to wait until after your home purchase has closed to make such purchases.  Once the process has begun, try to avoid doing anything that can change your credit report.

5. Keeping Information from Your Mortgage Broker
Most of us have experienced times of financial difficulty at some point. While it can be embarrassing to discuss issues like this, your mortgage broker is there to help you get loan approved despite such issues. Your broker can only help you with those things with which s/he is aware.

6. Making Late Payments to Your Creditors
Late payments, especially those within the last year, can mean the end of the line in terms of getting the best rate, terms and even the difference of being approved at all. As obvious as this may be, no list about mistakes to avoid in the mortgage process would be complete without it on it.

For help avoiding these mistakes on your next mortgage loan, contact us and one of our specialists will contact you to see how we can help with your next home in Jacksonville and all of the state of Florida.