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17 Jul 2018

Common Mortgage Mistakes To Avoid

Common Mortgage Mistakes To Avoid

Most people require a mortgage in order to purchase a property. If you fall into this category, you will want to make sure that you choose a mortgage that is right for your situation. Not only this, but you will want to make certain that you are approved for the mortgage you apply for, rather than having to go through endless setbacks. With that being said, read on to discover some of the most common mortgage mistakes people make so that you can avoid making them.

Applying for a mortgage before downloading your credit report

You are going to need to have a good credit score if you are going to be approved for a mortgage and offered good rates. This is why you need to download your report beforehand. If your score is not as good as you had hoped for, work on improving this before you make your mortgage application. You can also look into the option of making a Transunion dispute online if you believe that there is something wrong with your credit report and, indeed, your score should actually be higher.

Failing to shop around

Yes, you are desperate to be in the house of your dreams. However, shopping around for the best mortgage deal is important. You want to make sure that you are paying as little as possible for your mortgage. Not only this, but you need to make sure that you are choosing a reputable lender with a good reputation in the industry.

Opening new credit cards prior to your mortgage application

New credit card applications can have a negative impact on your credit score, so avoid making any six months before you intend to go for a mortgage and buy a house. Not only this, but your bank statements will be analyzed too, so you will also want to avoid any big purchases in this time frame.

Not knowing what you can afford

Before your property search commences, you need to sit down and figure out how much you can afford. The last thing you want to do is end up tied into a mortgage that is a struggle to pay off every month. After all, you could end up with the property being taken off you if you cannot afford your mortgage repayments.

Not getting pre-approved

The final mistake that people often make when it comes to their mortgages is failing to get pre-approved. Do you really want to waste your time looking at different properties only to discover that you are not going to be accepted for a mortgage in any case?

Hopefully, you now have a better understanding regarding some of the most common mortgage mistakes that people make when it comes to their mortgages. If you can stay away from the errors that have been mentioned above, you can give yourself the highest chance of being approved and of choosing a mortgage that is right for you.

Have you ever made any mortgage mistakes? Let me know in the comments below. 

This is a partnered post

Mortgage Mistakes


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