Avoid These Two Big Mortgage Mistakes
Updated: Nov 19, 2021
Here at the Scott Farnan Team at Berkshire Hathaway Home Services we know that searching for and viewing potential homes is the fun part of the home-buying process. The not-so-fun part? The mortgage.
But if you don’t pay attention to the details, your mortgage can end up dragging down the enjoyment of your new home and cause some major regrets. Here are a few mistakes to avoid to ensure that you love your mortgage terms as much as your new home.
Don’t find your home first: Shopping around for the best mortgage rate should be the first step in the home buying process. You may even want to talk to a mortgage broker a full year before you plan to buy. It’ll give you time to get your affairs in order to qualify for the best rate, could save you thousands of dollars in the long run, and you won’t feel rushed to accept an unattractive loan because you’re worried you’ll miss out on your dream home.
Don’t forget your real budget: There’s often a big difference between what a lender says you can afford and what you can actually afford. Your debt-to-income ratio doesn’t include the money you spend on hobbies, or the cost of commuting to work, or maintenance and utility costs.
Really sit down and examine your spending before committing to the loan amount the lender is offering. You won’t enjoy your home nearly as much if it’s eating into your favorite hobbies.
About Farnan Real Estate
If you live in Delaware or Pennsylvania and find yourself in need of a professional realtor skilled at buying, selling and negotiating real estate the Scott Farnan Team at Berkshire Hathaway Home Services, Fox & Roach REALTORS® is here to help. The Farnan team can answer questions on staging and closing to home inspections and what repairs are required to sell, The Scott Farnan Team offers clients over 25-years of real estate and client services experience, all with the indelible backing of Berkshire Hathaway Home Services, a perennial leader, Nation-wide, in home and commercial real estate. The Farnan team is prepared to guide you through the buying and/or selling process, connect you with trusted partners and aim to reducing the levels of stress that typically come with buying and selling a home. Contact us today to get started or search our current listings.