Avoid bad mortgage advice to get the mortgage that you need.
Buying a new home is exciting. However, it’s also the largest financial endeavor that you’ll make. When you start looking for your mortgage, ensure that you’re going about the process properly. Avoid bad mortgage advice to help you secure your next home.
Mistake: Not getting pre-approved for a mortgage.
What to do: Apply to get pre-approved for a mortgage. When it comes to buying a home, it’s important to start with your finances. You need to know what you can afford so that you’re better able to gauge your home search. While it may not be an official number, it can help to give you an idea of what you can afford. Therefore, you can avoid any issues down the line.
Mistake: Pick the loan with the lowest interest rate.
What to do: Before you settle on a loan, make sure to read through all the terms of the agreement. Just because it has a low-interest rate doesn’t mean that it’s the best deal. Read through the fine print and understand what you’re getting into. Your low-interest rate may come with various strings attached. Check to see if it’s a fixed or adjustable rate, if there are any penalties to look out for, and if there are any other conditions that may wind up costing you more.
Mistake: Borrowing more just because you can.
What to do: Borrow what you need and only what you need. You may be able to borrow more than you need, but that doesn’t mean that you should. Living within your means or even slightly below them is a financially smart move that can help you later on in life.
Ensure that your home buying process goes smoothly, and check out this mortgage advice. Dedicated service paired with top-tier escrow services are a must when closing an escrow deal. Contact Brighton Escrow for assistance! Our Hermosa Beach, California team, is committed to helping you make the most of your escrow process.
