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FINANCE

What are the Worst Mortgage Mistakes that you can make?

House is the most important purchase of your life. Do you feel your home as a divine place or does it seems like the worst liability? The answer to them depends on the mortgage you pay. If you are able to get a property at affordable prices and a great rate, life seems like a sweet cupcake to you. But, if you have bought a property with a mortgage you are not able to neither understand nor afford, then you will only be welcomed with tears and frustration.  

Sun West Mortgage is one such mortgage providing companies which offer several forms of assistance programs that help the clients at the time of shopping for the mortgage loan. So, if you are planning to purchase a new house soon, try avoiding the following mistakes:

  • Not reviewing the credit first: for getting the best mortgage, one requires a top credit score. Thus, it is advisable to check your credit scores clearly and if there is any fault try correcting it before you apply for a mortgage.
  • Failing to get pre-approved: getting pre-approved by the bank for a loan amount is important as it avoids the problem which one might face with the house which is out of the buyer’s price range. The pre-approval is even crucial, as it provides an edge to the buyers due to the fact that most sellers feel confident for selecting a bid from someone who is having a pre-approved mortgage.
  • Research enough for the best rates: one of the biggest blunders that nearly half of the mortgage borrowers make, is that they don’t research enough. Though it may seem convenient for them to shop from the primary bank for the mortgage, this could be expensive if the rates aren’t competitive in nature.
  • Ignoring mortgage fees: never forget to ask for the fees while investigating the rates. It is important that you are provided with a good estimate of the fees, before closing the deal so, that you can ask your lender to review it and lower down the prices.
  • Saving little for the down payment amount: even mortgage companies like Sun West Mortgage asks to have sufficient down payment, before applying for the mortgage. As not having a stashed down payment might shrink the chances of getting a mortgage. To qualify the conventional loan, there is a mandatory requirement of 5{6e3ff21ac527cf19e868f6e1383e3fdd712314b18283ec0bcd624937a189e376} to 20{6e3ff21ac527cf19e868f6e1383e3fdd712314b18283ec0bcd624937a189e376} down payment.  
  • Not understanding the mortgage terms: if you are not able to understand your mortgage terms, there are chances, that you might lose your house by simply signing on the dotted lines without understanding what the mortgage is entailed of. So, it is important for you to understand what you’re signing up for.

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