Mistakes To Avoid With Your First Home Mortgage – New Florida Mortgage

There are many common mistakes first time home buyer makes applying for mortgage due to the complexity of the mortgage process; Mistakes first time home buyer makes applying for mortgage can be avoided by the borrower doing a lot of due diligence prior and during the mortgage process; Most folks are not familiar with the home buying process

Below, are the top six mistakes you should avoid when getting a mortgage. Mistake 1: Failing to Check Your Credit. There are so many things that that rank high in terms of importance, but realistically, having good credit is a big factor to obtaining a mortgage. Start by first educating yourself on what impacts your credit score.

Mortgage Refinancing: The Overlooked Mistakes You Want to Avoid! Mortgage refinancing can be a true life saver when done correctly and at the right time. Making your monthly mortgage payment smaller will free up cash that can be used for other monthly expenses or be put in savings.

Conyers eventually lost her home. first thing I ever did in my life that I was really proud of, besides my kids,” the 50-year-old said. dawn van brunt, 50, said she lost her three-bedroom.

Forgetting to lock your mortgage rate; Attempting to refinance after listing your home; I’ve put together a list of what I feel are the top 10 “mortgage mistakes” individuals should avoid if they’re planning to finance a new home purchase or refinancing a mortgage.

Buying a home that’s too expensive. One of the more common mistakes first time home buyers make is buying a home that’s too expensive for them. How much you can afford depends on your debt to income ratio. The maximum DTI ratio is 41% for most mortgages, but the ideal DTI is 36%. Keep in mind there are other costs associated with a mortgage.

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If you’re thinking about buying a home and you’ll be obtaining a home loan, you must avoid these common mortgage mistakes. Making one of the above 12 mortgage mistakes will throw a huge wrench into your home buying experience. If you’re not 100% sure whether or not something will impact your ability to get a mortgage, ask beforehand.