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Mortgage Mistakes to Avoid

Watch out for these 5 mortgage mistakes

One of the biggest financial responsibilities you’ll ever have is a mortgage. Despite this, a lot of people continue to make serious mortgage mistakes on a daily basis. If you’re thinking about buying a house, here are 5 mortgage mistakes to avoid. Read below!

How to Prepare Your House for a Sale

11 Pine Hill Dr. Walpole

Spending big on credit or closing credit accounts

You should refrain from making financial decisions that affect your credit while your mortgage application is still active. Your debt to income ratio will be impacted by making substantial credit card expenditures, which could affect your eligibility.

Your credit score may also suffer if you close off older credit accounts. Be aware that during the mortgage application procedure, your credit shouldn’t change much.

 

Mortgage Mistakes to Avoid

11 Pine Hill Dr. Walpole

Changing jobs during the mortgage process

Your income and occupation are important considerations when determining your mortgage. If your employment situation changes, you might need to start the mortgage application procedure from scratch.

Wait until your loan has closed before changing employment. Have savings that can help you meet your obligations even if your employment changes.

11 Pine Hill Dr. Walpole

Not checking your credit

Always check your credit before starting your search for a house. Home buyers can easily avoid this mortgage mistake of not monitoring their credit, but surprisingly many fail to do so!

Early credit monitoring will help you prevent unpleasant surprises. Before you start applying for a home loan, you may be able to fix some credit difficulties.

Walpole Single Family Just Listed

11 Pine Hill Dr. Walpole

Co-signing on other loans

Your debt to income ratio will be impacted if you co-sign loans, leases, or other financial commitments for friends or family members.

Your credit will be harmed and you will be held financially liable for the loan if the person you co-signed for makes late payments or misses payments. 

These co-signed loans or leases may restrict your mortgage possibilities if you apply for one.

11 Pine Hill Dr. Walpole

Procrastinating with your application

Federal Guidelines regulates many parts of the mortgage process. This system of checks and balances takes time.

Customers who procrastinate on submitting necessary paperwork, paying for the property evaluation, or signing disclosure documents can cause delays.

These time lags may cause problems with rate lock extensions, a postponement of your closing date, or even the requirement to restart the loan application process.

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Brookline Townhouse Just Sold!

This spacious 4-bed Brookline townhouse just sold! Located in the wonderful Chestnut Hill neighborhood, this 2500-square feet property was recently renovated, patiently awaiting the next family to call it home!

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Mortgage Mistakes to Avoid

One of the biggest financial responsibilities you’ll ever have is a mortgage. Despite this, a lot of people continue to make serious mortgage mistakes on a daily basis.

Read More +
Brookline

Brookline Townhouse Just Sold!

This spacious 4-bed Brookline townhouse just sold! Located in the wonderful Chestnut Hill neighborhood, this 2500-square feet property was recently renovated, patiently awaiting the next family to call it home!

Read More +
Outdoor Space

Mortgage Mistakes to Avoid

One of the biggest financial responsibilities you’ll ever have is a mortgage. Despite this, a lot of people continue to make serious mortgage mistakes on a daily basis.

Read More +

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Book an appointment with us. Reach out now for more info! Call or text Elaine Goldman at 857-297-4830
The Beacon Group is a client-driven real estate team working in Greater Boston to help clients buy, sell, and invest in real estate. We provide straightforward, analytical advice, empowering clients to make successful and informed decisions. We provide our buying clients with constructive insights, allowing them to identify the right property and enabling them to make purchase decisions with confidence. Our recommendations to both buyers and sellers are specifically crafted to meet clients’ short and long-term housing and financial goals.
Book an appointment with us. Reach out now for more info! Call or text Elaine Goldman at 857-297-4830

The Beacon Group is a client-driven real estate team working in Greater Boston to help clients buy, sell, and invest in real estate. We provide straightforward, analytical advice, empowering clients to make successful and informed decisions. We provide our buying clients with constructive insights, allowing them to identify the right property and enabling them to make purchase decisions with confidence. Our recommendations to both buyers and sellers are specifically crafted to meet clients’ short and long-term housing and financial goals.

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