Fix your credit if you need to. If your report shows you aren’t creditworthy for a mortgage, then there’s no point in searching for homes and applying for a loan — at least right now. Use a credit repair company, but do some research first to make sure you find a reputable and affordable company. Some are not qualified to properly fix your credit; others will overcharge. A reputable company will not only help you fix your current credit score, but also help in fixing any mistakes that show up in the report.
CONSIDER ALL EXP ER ALL EXPENSES
As a new homeowner, remember that the down payment and the monthly mortgage payments aren’t the only expenses that you’ll be responsible for. Many buyers, most notably first-time buyers, make this mistake of forgetting to consider all expenses associated with continued homeownership. As a new property owner, you’ll be paying closing costs, property taxes, homeowner’s insurance, and maintenance costs. Please ensure that you’ve budgeted for all these items when shopping for a home loan and more.
BE INVOLVED
Don’t forget to stay involved throughout the process of shopping for a home loan, researching interest rates, comparing interest rates, and looking for the best mortgage deal. Real estate agents and mortgage brokers have complicated jobs in ensuring their clients get the best deal. Therefore, as a buyer, you should also make efforts to ensure you’re also part of the whole process and that you’re involved in every step of the deal. Research has shown that most people spend more time shopping for cars than they spend shopping for home loans. As a result, many buyers end up paying more in closing costs, or higher
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