See article on why you should get a pre-approval first
Failing to Shop Around: Not all mortgage lenders offer the same terms and rates, making it essential for buyers to shop around and compare offers from multiple lenders. Failing to do so could result in higher interest rates, less favorable loan terms, and missed opportunities for savings. Taking the time to research and explore different options can pay off significantly in the long run.
Ignoring Down Payment Options: While a sizable down payment is often required to secure a mortgage, there are various down payment assistance programs and options available to help buyers with limited funds. Ignoring these options and not exploring all available avenues for down payment assistance can limit one’s ability to secure a mortgage with favorable terms and potentially delay or hinder the home buying process.
In conclusion, new home buyers must be aware of the common mistakes that can defeat their mortgage applications and take proactive steps to avoid them. By maintaining good credit, managing debt responsibly, demonstrating stable employment, and carefully navigating the mortgage application process, buyers can improve their chances of securing financing and achieving their homeownership goals.
Ready to mitigate some of the things that harm your mortgage process? Click here.
Are you looking to buy this spring or later this year? DO not hesitate to contact these REALTORĀ® with extensive experience within the Greater Moncton market and surrounding areas.
šÆLevine, REALTORĀ® at Royal Lepage Atlantic
šÆGold REALTORĀ® at Royal Lepage Atlantic
*The information provided here is for educational purposes only. Consult professionals before making any financial or real estate decisions.
*This is not intended to solicit Sellers or Buyers under contract
