void disappointment and Loan: You could become a great
SAVE thousands by reading friend or even a hero to someone
this article. by doing this. Before you do, ask
yourself. Are you willing to
Everyday there are people just assume that liability? Are you
like you that have their mortgage willing to forego getting your
loan turned down because of any own home to co-sign? Those could
one of these mistakes. By be the ramifications.
acquainting yourself with 10
Deadly Mortgage Mistakes you can 3. Making Late Payments: Late
save thousands on your mortgage. payments (especially within the
last year) make if very difficult
1. Using An Interest Only Or to qualify you for the best terms
Payment Option Adjustable Rate and rates. It may even keep you
Loan: If you are using these from qualifying at all. It might
types of loans to qualify for a seem unnecessary to say, but
more expensive home. A home that always pay on time.
you could not normally afford,
you may be going down the wrong 4. Hiding Things From Your
path. There are some Mortgage Broker: Even though it
circumstances where these loans could be embarrassing to discuss
are useful, but care should be previous financial difficulties.
taken in this housing market with Remember that your mortgage
slower appreciation and falling broker is there to help. Your
prices in some markets. You could mortgage broker can only help you
end up with a mortgage value with those things of which he is
higher than the value of the aware.
home.
5. Over Using Credit Cards: Yes
2. Co-signing On Someone Else’s they are convenient, but if the
balances are not kept low or paid lender located locally? Can you
off it may make getting the best go sit down and go over the
rates and terms on your loan more details of your financing. If
difficult. Do not take on new not, you should think long and
debt without first discussing it hard about using that lender.
with your mortgage broker.
8. Not Getting Pre-Approved for a
6. Making Large Purchases Prior Loan: When you become
to Your Mortgage Application: On pre-approved you become a cash
occasion people think that it is buyer and have more negotiating
in their best interest to get power with the seller. Home
major purchases out of the way buyers can save thousands or
prior to making a mortgage dollars in negotiating the home
application. A key component to purchase by being pre-approved.
determining how much of a home Any good Realtor will require the
you qualify for is outstanding pre-approval prior to showing any
debt. It is far better to wait homes, because they don’t want to
until after purchasing your home waste your time or theirs.
before considering other major
purchases. 9. Not Planning for Closing
Costs: On the day of your closing
7. Choosing a Lender Just Because you will be expected to write a
They Offer The Lowest Rate: Your check to cover closing costs.
mortgage rate is an important Closing costs are a number of the
factor with your loan. Remember expenses incurred when purchasing
that it is only one of several a home. Those typically include
factors. You also need to keep in attorneys’ fees, taxes, title
mind the APR and origination insurance, prepaid homeowners
fees. Perhaps the most important insurance, points and other
factor is accessibility. Is the lenders’ fees. These closing
costs can amount to between 2% trying to get you approved. If
and 7% of the selling price of mortgage brokers don’t get the
the home. Your lender should documentation timely, it can
provide you with a good faith result in locks expiring and
estimate early in the loan higher rates. Worst of all, it
process to estimate these costs. could mean a delayed or blown
closing date.
10. Not Providing Documents To
Your Mortgage Company Timely: If you enjoyed this article, you
When your mortgage broker asks can find more great informatioin
you for additional paperwork, get at HomeDealsColorado.com
on it! Do not complain. They are
About the Author:
Bruce Swedal is your Highlands Ranch Realtor providing professional real estate services to the Denver real estate market. Visit for your FREE online Denver Home Search.
Read more articles by:
Bruce Swedal
Article Source: www.iSnare.com 
