Mortgage loan rates are usually locked for a particular period, but you can extend the lock on your mortgage rate if your transaction takes a while to close. Final Thoughts on Mortgage Mistakes While getting a mortgage loan may seem intimidating at first, it is a process that hundreds of peo...
To avoid falling victim to these, educate yourself on the mortgage process before applying for a loan. Once you do apply, work closely with your mortgage broker or loan officer, and heed their advice. You can also contact a free housing counselor who can guide you through the process....
Knowing the comprehensive costs of home ownership will help you pinpoint just how much house you can afford and avoid this common mistake when buying a home. 2. Prequalify for a Mortgage Loan If you’re like most Americans, you don’t have enough cash to buy your own home. This means ...
It is best to come in for a free consultation before making the decision to take out a home equity loan or refinance your mortgage. Beware of a “short sale” or a creditor willing to reduce your debt. In both cases, the reduction in debt is reported to the IRS as a forgiveness of ...
These 6 credit mistakes can make it harder to get the best loan rates. See how to improve your credit and check your credit score for free. (iStock) There are many benefits to having good credit. It's an essential factor in qualifying for the best rates for a mortgage, personal...
Cash-out refinancingis another option for homeowners. With this strategy, you replace your current mortgage loan with a larger one, getting the difference back in cash. You can then use those funds however you'd like. Finally, there are also home equity-sharing options. This is when you get...
A job change during the loan approval process itself might make it hard to verify your income information. Things to do before applying for a mortgage Besides avoiding the red flags, there are some steps you should take before applying for a mortgage. ...
Here are four common mistakes to avoid when applying for a small business loan. Not researching your lender Technology has made it increasingly easy to find lenders and get loans, but having access to that many options can do more harm than good in the long run. Decision paralysis is common...
While each company's situation differs in the specifics, there are some common underlying mistakes that left each with no other option but to admit defeat. To prevent your own company from making a similar trip to court, it pays to look where they went wrong. 1. Don't judge the ...
expect the closing costs of your mortgage to be between 2% and 5%. If you're borrowing less than $150,000, costs could exceed 5%. Some lenders will work costs into the loan in the form of a higher interest rate, but the lender should clearly disclose that to you. Always talk to...