Buying a home is equally exciting and stressful.  You’re looking forward to having a place to call your own but may not know where to start the process.  All you must do is go to a lender, right?  Hold on!  Before you start, make sure you avoid these most common mortgage mistakes:

Not checking your credit report and reporting errors

buying a home

Before you begin to think about applying for a mortgage loan, check your credit report.  Your credit report is an essential document that shows lenders your creditworthiness based on your credit history.  If there are mistakes present, that can affect your score and ability to get a loan.

Not saving up for a down payment and other costs

If you haven’t started saving up for a down payment and other fees, like closing costs, do so before you go in to get a mortgage loan!  Lenders will want proof of funds before moving forward with approval.

Not exploring different loan options

What’s right for one buyer may not be the right option for another.  Research your loan options with your chosen lender to find the best mortgage loan for you.  These include:

And many more!

Not getting pre-approved

If you want to take out a mortgage loan and purchase a property, you will need to get a letter of pre-approval from a lender.  This letter shows how much your lender is willing to lend and makes you a more attractive buyer.  Pre-approval shows sellers that you have the backing of a lender and are serious about buying.

Not working with a local real estate agent

What does working with a local real estate agent have to do with getting a mortgage?  A lot!

A local realtor, like those at Merchant of Homes, will help walk you through the process and help ensure that nothing is missed.  They will answer your questions about paperwork, advocate for you, and advise you on best practices to move forward with a purchase.

To find the right agent for you and your needs, consider what property you want to buy and check their credentials.  At Merchant of Homes, we are committed to providing you with the most up-to-date information regarding your real estate purchase.

Get Help From The Experts

Contact The Team At Eric Merchant Today