AVOID THESE TWO BIG MORTGAGE MISTAKES

Dated: 01/12/2018

Views: 41

MORTGAGE MISTAKES

We all know that searching for and viewing potential homes is the fun part of the home-buying process. The not-so-fun part? The mortgage.

But if you don’t pay attention to the details, your mortgage can end up dragging down the enjoyment of your new home and cause some major regrets. Here are a few mistakes to avoid to ensure that you love your mortgage terms as much as your new home.

Don’t find your home first: Shopping around for the best mortgage rate should be the first step in the home buying process. You may even want to talk to a mortgage broker a full year before you plan to buy. It’ll give you time to get your affairs in order to qualify for the best rate, could save you thousands of dollars in the long run, and you won’t feel rushed to accept an unattractive loan because you’re worried you’ll miss out on your dream home.

Don’t forget your real budget: There’s often a big difference between what a lender says you can afford and what you can actually afford. Your debt-to-income ratio doesn’t include the money you spend on hobbies, or the cost of commuting to work, or maintenance and utility costs.

Really sit down and examine your spending before committing to the loan amount the lender is offering. You won’t enjoy your home nearly as much if it’s eating into your favorite hobbies.

Search Homes For Sale | We're HIRING | Crypto Currency | Travel

Coverage Area

Acworth | Alpharetta | Atlanta | Austell | Avondale Estates | Ball Ground | Berkeley Lake | Big Canoe | Braselton | Brookhaven | Buckhead | Buford | Canton | Carrollton | Cartersville | Cave Spring | Cedartown | Chamblee | Chattahoochee Hills | Clarkston | Cleveland | College Park | Commerce | Conley | Conyers | Covington | Cumming | Dacula | Dahlonega | Dallas | Dawsonville | Decatur | Doraville | Douglasville | Duluth | Dunwoody | East Point | Ellenwood | Fairburn | Fayetteville | Flowery Branch | Forest Park | Gainesville | Grayson | Hampton | Hapeville | Hiram | Jasper | Johns Creek | Jonesboro | Kennesaw | Lawrenceville | Lilburn | Lithia Springs | Lithonia | Locust Grove | Loganville | Mableton | Marietta | Mcdonough | Milton | Newnan | Peachtree City | Peachtree Corners | Powder Springs | Riverdale | Rockmart | Rome | Roswell | Sandy Springs | Savannah | Smyrna | Snellville | Social Circle | Statham | Stockbridge | Stone Mountain | Sugar Hill | Suwanee | Talking Rock | Tucker | Union City | Villa Rica | Waleska | White | Winder | Woodstock | Zebulon

Blog author image

John Thomas

Hi, I'm John Thomas, and I am a full-time/full-service Realtor® at eXp Realty in Atlanta Georgia. I was born in Chicago, grew up in Elmhurst. I attended York High School and Loras College. I have a B....

Latest Blog Posts

Why Due Diligence Is Real Estate Lingo You Need To Know

After a long, grueling search, including several overheated bidding wars, Jim and Claire found the home of their dreams. They were ecstatic when their offer was accepted and the transaction

Read More

Which Renovations Will Boost My Home Value The Most

Of the many questions we field from homeowners thinking of selling their homes, the most frequent starts with “What’s it worth?” Of course they’re referring to their home’s value, but

Read More

Is A Starter Home Right For You

When you’re looking for the right home you might find yourself with an endless sequence of choices. House or condo? Suburban or city center? But there is one particular choice that bothers a lot

Read More

HOW TO BE A GOOD OPEN HOUSE GUEST

It is exciting to go to open houses and dream of the possibilities a new home brings. Going to open houses is crucial to finding the right home. The next time you take a tour of a home, keep these

Read More