Post Tagged with: "Loans"

Home Loan Mistakes to Avoid

money on the table and a house in the backgroundApplying for a home loan comes hand in hand with shopping for a new property, unless, of course, you are one of the lucky 1% of the population who can afford and pay with straight cold cash. Realistically, having a home loan, let alone applying for one, is a process that most people can easily go through if they follow the right process.

Knowing the mistakes to avoid when applying for a home loan in Portland is important, especially if this is your first time. Primary Residential Mortgage, Inc. cites some of them.

Not shopping for the best loan

As a first-time home loan applicant, you must shop around for the best deal on the market. Take your time and educate yourself about the trend that you need to know. That way, it will be easier to choose something that you won’t regret in the long run.

Having a bad credit

Having a bad credit before you apply for a home loan is almost always the reason people get their applications rejected. Make sure your credit score is admirable, if not reasonable enough, to impress the lender.

Not being able to budget properly

Have a weekly or monthly budget and stick with it for a long time. Doing so can help you manage your monthly expenses, including the mortgage fees and other initial payments that you would need to make upon application.

Not locking your mortgage rate

Mortgage rates fluctuate depending on the current market standing. Therefore, it’s a must to lock down your rates, lest you want to be surprised with an inflated rate in a few years’ time.

Mistakes are bound to happen, especially for first-time mortgage applicants. However, avoiding mistakes is always possible if you know what you should do.

May 24, 2018 at 11:58 amFinance