When it’s time to start looking for your dream home, you must act quickly and smartly in our competitive real estate market today. Here are four ways to avoid common loan mistakes to keep you in the competitive game of buying a home!
Know Your Credit Score
- Your credit score is what you bring to the table for a loan.
- Understanding what your credit score is and what it consists of before beginning the loan process is essential.
- There are many free sites available today that report your credit scores regularly.
- A pre-approval will help you understand what you can afford before you even begin to shop.
- ChoiceOne Bank can pre-approve you in 20 minutes.
- Shop knowing what you can afford, with a buyer’s edge.
- Many people don’t know what to ask for when it comes to finding the best loan for them – ask questions.
- Make sure you are comparing rates, APRs, terms and payments on each type of loan and each different financial institution.
- It’s important to know what you’re signing in your agreement.
Clarify the Details
- We know you can’t wait for your new home, but understanding your loan before you sign on the dotted line is important.
- Review the details thoroughly before you sign.
- Make sure the rate, term, closing fees and payment are what you thought and can afford…and agreed upon.
Stay in the competitive game! Keep these four simple tips in mind when you start looking for your dream home, and you will avoid many headaches, slowdowns, and the possibility of missing out on a great deal!
Equal Housing Lender