Nine Mortgage Mistakes You Dont Want To Make

    Simple Ways To Save On Your Gulfport Real Estate Purchase


    Below are the ten most common mortgage mistakes that you don’t want to make, when financing a new home loan. These come from real world experience as a Realtor® in the Gulfport real estate area, but they also come from years spent in the field working with clients and customers.

    1. Don’t get stuck with the wrong mortgage. Try to find one that is best suited to your individual needs. 
    2. Don’t mix up the terms pre-approved and pre-qualified. Pre-approved means the lender has already assessed your finances, but pre-qualified means they have guessed about your income and not approved anything. 
    3. Don’t have too much extended credit. This is problem with many loan applications getting approved for potential home buyers. 
    4. Don’t lie on your loan applications. This is a huge thing not to do, it will almost always disqualify your loan application. 
    5. Don’t try to hide when you get behind on payments. If you get behind on your payments, contact your lender immediately and see what arrangements can be made. 
    6. Don’t lose your copies of your original mortgage. These will be needed at some point in the future, so hang on to such documents. Don’t have a mortgage burning party with your friends.
    7. Don’t pay large sums for down payments. If the sum is too large for you to afford, it is probably not the right home loan for your needs. 
    8. Don’t forget to investigate your remodeling contractor. Who you decide to hire for contracting work is crucial, this is another area that a professional real estate can be helpful with. 
    9. Don’t forget to get a home inspection. This can save you time and money (sometimes several thousands of dollars) as a home owner. 

    Keeping these nine things that many people do wrong in mind, will ensure your search for a home loan is easy and simple. Most mortgage mistakes can be avoided by having a qualified Gulfport real estate agent help you find a home, and assist in finding the right home loan for your individual needs. Remember, it is your future you are investing in.  For more information, please contact us at 228-275-7500.

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