| Nearly all home buyers make a series of simple to | | | | interviewing mortgage providers. Do research on the |
| prevent mortgage mistakes that cost them $1,000's | | | | companies you are considering. Check the BBB and |
| each time they purchase a house. We will discuss the | | | | your state's licensing websites. Search online for |
| most common home buying mortgage missteps in this | | | | reviews and complaints of the loan officer and his |
| article. | | | | company. |
| Home Buyer Mortgage Mistake Number 1: Shopping | | | | These rather simple steps can keep you from applying |
| for a mortgage after finding the home | | | | with a crooked mortgage provider which can save |
| Thinking about the mortgage financing should be the | | | | you untold $1,000s. Do not skip this step! Getting the |
| first priority once you've decided to buy a home. The | | | | wrong financing with the wrong company can do |
| average US home buyer puts finding the mortgage | | | | more to damage your home buying and home owning |
| last on the list. This is a very costly mistake. Don't jump | | | | experience than any other single factor. |
| in looking at a bunch of houses just yet. Don't contact | | | | Home Buyer Mortgage Mistake Number 3: Taking loan |
| a real estate agent. Don't discuss what neighborhoods | | | | officer referrals from the real estate agent |
| to live in. Don't do any of those "emotionally charged" | | | | Never take real estate agent referrals when it comes |
| steps in home buying. Getting the cart before the | | | | to finding a mortgage company. Real estate agents |
| horse is one of the biggest mistakes first time as well | | | | may have some sort of "relationship" with the loan |
| as veteran home buyers make. | | | | officers they refer. Either they have an actual |
| The biggest problem with mortgage shopping last | | | | relationship...wife, husband, girlfriend, boyfriend, mom, |
| rather than first is "falling in love" with a house you | | | | dad, or they have a "financial" relationship. Neither of |
| simply cannot afford. Buying and then trying to fudge | | | | these relationships will be disclosed to you so you can't |
| the numbers makes a bad decision worse. Do not | | | | really evaluate the merit of the referral. |
| expect the real estate agent or builder to be the voice | | | | Being an insider for 15 years, I can't tell you how many |
| of reason when it comes to home buying. More often | | | | agents only refer their wife (who mysteriously has a |
| than not, they are guilty of pushing you to make this | | | | different last name than they do). Or, the number of |
| devastating decision in the first place. | | | | agents who asked me what I'd pay them if they |
| I have seen otherwise smart folks do the most | | | | referred buyers to me...this is illegal, but that doesn't |
| unintelligent things when it comes to home buying | | | | stop them. |
| simply because they didn't have an experienced voice | | | | Yikes! |
| of reason to temper their emotionally charged set of | | | | This mistake can cost you a ton of money and is |
| decisions. | | | | easily avoided if you follow the researching tips |
| Home Buyer Mortgage Mistake Number 2: No | | | | mentioned earlier. |
| Research | | | | Now you know the costliest blunders home buyers |
| I recommend at least 3 months before even looking at | | | | make and how to sidestep them. So you can go into |
| homes, you start your education on your mortgage | | | | the marketplace sure you won't fritter away time or |
| options and researching companies. Get a free credit | | | | money the next time you buy a house. |
| report to know your credit scores and start | | | | |