How to Avoid Mortgage Mistakes
Hello everyone! It's Angela from Venture Realty Group here!
Becoming a homeowner is one of the most invigorating experiences you can venture on. However, we can't minimize those pesky butterflies when the word 'mortgage' crops up - especially if you're a first-time home buyer. Many equate the mortgage loan process to a dentist visit, or that impending annual physical you've been putting off; full of intricate paperwork and intimidating credit checks.
But, have no fear! As your devoted realtor, I'm here to help guide you through your journey and ensure your home buying process is as breezy as possible. Today, I will share six insightful tips on how to navigate the mortgage maze with confidence and sidestep common pitfalls to make your home buying plenty less scary!
**1. Open communication is paramount**
Remember, buying a home is a group project involving you, the seller, your agent, the seller's agent, and the lender. Be forthright and keep every participant in the loop. Transparency is key to prevent any overlooked issues and ensure there are no unwelcome surprises down the line.
**2. Be prepared for closing costs**
Closing costs typically range from 2-5% of the loan amount. There are several options to consider if you're having a tough time covering these costs. Look into assistance programs, negotiate with the seller, or consider asking for a gift from a relative. These options either discount your closing costs or provide a financial cushion.
**3. Ensure Your Credit is Accessible**
Any security freeze you placed on your credit must be undone as soon as you start the mortgage process. This allows lenders to access your reports seamlessly without any delays.
**4. Avoid additional large purchases**
In the interim between applying for your mortgage and closing on your house, try to refrain from large purchases. This includes expensive furniture or vehicles as it could potentially affect your mortgage loan approval or rate.
**5. Have your employer’s contact information handy**
The current teleworking trend has put a wrinkle in how lenders verify employment. Prepare ahead and gather your employer's or HR department's contact details, including cell, home numbers, and emails.
**6. Don’t shy away! Ask questions**
It's always better to ask and gain clarity. This is truly a time when no question is a 'dumb' question. Your lender and agent are there to help you navigate successfully, so use their expertise!
Each of these simple steps brings you closer to the stress-free home-buying process you deserve. Remember, I'm here to guide you through to your dream home! So, feel free to give me a call at 501.231.7775, or shoot me an e-mail at Angelakbrealty@gmail.com. Can't wait to hear from you and get started on your journey to home ownership!
-Angela Benight