Avoid 10 Common Mortgage Mistakes Home Buyers Make – Ventura Real Estate

by Gary and Lisa Schoeffler on March 18, 2011

in Buyers

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10 Mortgage Mistakes You

Can’t Afford

Tips for making sure you get the financing you need

By Broderick Perkins
Beware of these top 10 mortgage mistakes made when buying a new home. Photo: iStock
Landing a mortgage loan opens the door to home ownership, but it’s no longer the inalienable right it appeared to be during boom times. So it’s important to choose competent professionals to help make the process smooth.
While there are numerous new mortgage-lending regulations to protect you from predatory lenders, there are many new underwriting rules to protect lenders from defaults by borrowers as well.
If you want to buy a home today without overpaying for a mortgage loan, you’ll have to come to the table with mortgage market savvy, a serious job, excellent credit, sufficient liquid assets and limited debt.
Because a mortgage opens the door to homeownership, it’s where you can least afford to make mistakes.
While any mistake can kill the deal, here are the top 10 mortgage mistakes:
1. Flying blind
Learn the mortgage market before diving in. There are fewer types of mortgages today than just a few years ago, but choosing one that fits you best remains a daunting task. Luckily, reliable mortgage information is at your fingertips. Seek out independent, reliable sources to learn about the different types of mortgages and the risks and costs associated with each.
2. Waiting for the bottom
If you are waiting for interest rates to hit bottom, you’ll never move until rates start to rise. The bottom of any market can only be seen in hindsight. Buy a home because it’s cheaper than renting, you are financially prepared for homeownership, and the move fits your lifestyle plans.

Some of these seem like common sense, right? Not always true, especially for first time home buyers. Working with an experience Lender is very important, ask around and get referrals, choose carefully and they will guide you through the process, helping you to avoid many of these pitfalls. Need a referral, call us we work with some excellent lenders.

From a real estate point of view, #2, “Waiting for the bottom”, is very true! All of these tips should help you to avoid mortgage mistakes and help you get the financing you need.

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Post by Gary and Lisa Schoeffler

Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472

Gary and Lisa has written 371 articles.

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