Avoiding Common Mortgage and Homebuying Errors, Part 1

next steps refinancing home mortgage
Next Steps After Refinancing a Home Mortgage
April 14, 2020
avoiding mortgage homebuying errors

Whether you’re a first-time homebuyer or an experienced real estate flipper, the mortgage and home market can be complex and contain pitfalls. There are numerous areas where you can go wrong, a big part of why it’s valuable to have experienced loan officers working with you during this process.

At VIP Mortgage Inc., we’re here to provide this assistance plus the best mortgage rates and home loan programs available to you. In this two-part blog series, we’ll go over some of the numerous mortgage-related mistakes we’ll help you avoid, plus the proper direction we’ll set you in when it comes to obtaining a home loan and moving forward with your dream of homeownership.

Improper Cost Considerations

First and foremost, some buyers do not take the proper steps to evaluate all the costs involved in a new home. This involves not only considering the mortgage itself, but also related costs like utilities, homeowner’s insurance, title insurance and other closing costs that may be associated with the process.

While you might be able to avoid a raw mortgage number, the math often changes when factoring in these additional areas. Our loan officers will be happy to detail every related cost here so you have the full picture when making your choice.

Poor Financing Package

There are many different mortgage types and packages out there, and understanding which is best for you is paramount. This is another area where our loan officers are enormously valuable – we’ll guide you away from the wrong packages and toward those that work best for your situation, helping you find the best rates and repayment terms possible.

Trends Over Needs

While the mortgage and homebuying worlds are certainly impacted by trends, and it’s important to keep these in mind while shopping, they should not define your experience. You should not prioritize market trends over specific family or individual needs – focus primarily on your household and family, and secondarily on how certain trends on the market might impact your choice.

Heart Over Head

We’ve all been there: You want to buy something badly, but you know deep down it’s not a reasonable purchase. This theme often happens within mortgages as well – resist the temptation to buy with emotion, instead reserving your decision for logic-based choices.

Other Debts

During the mortgage application and closing process, your credit score will be a vital metric. Don’t risk lowering it and impacting mortgage plans by running up other big debts in the process – save this until the process is finished and the purchase has been closed.

For more on avoiding common mistakes made during the mortgage and homebuying process, or to learn about any of our home loan solutions, speak to the staff at VIP Mortgage Inc. today.

Translate »