| First mistake | | | | Lots of times after you buy a new home, |
| | | | something will go wrong and you may have to |
| The first mistake you can make is not looking | | | | pay for costly repairs. This can be difficult |
| for the best home mortgage loan rates you can | | | | if you are carrying a home mortgage loan that |
| find. There are so many lenders that want | | | | is too high for you. It can also make your |
| your business, and taking the time to find | | | | life miserable if you have to worry each |
| out the best rates is time well worth spent. | | | | month about how you are going to make the |
| When you find a competitive rate, you may | | | | mortgage payment. |
| find that not only do you save money each | | | | |
| month, but just think of the savings you will | | | | Fourth mistake |
| enjoy over the life of the home mortgage | | | | |
| loan. | | | | Before you are ready to make a bid on the |
| | | | house of your dreams, be sure you are |
| Second mistake | | | | pre-approved for a home mortgage loan. When a |
| | | | lender looks at your current financial |
| A mistake many new homeowners make when | | | | picture, they can decide on a cap for your |
| searching for a home mortgage loan is not | | | | loan. This makes it easier to make an offer |
| checking their credit history before | | | | when you are ready as you will already have |
| applying. Many times there are mistakes on | | | | the financing set up. |
| your credit report that could affect the rate | | | | |
| you are offered, and taking the time to take | | | | Fifth mistake |
| care of those problems before putting in your | | | | |
| application with a mortgage lender, can save | | | | Never agree to a pre-payment penalty fee. A |
| you time and aggravation in the long run. | | | | home mortgage loan given to a borrower who |
| | | | has a poor credit rating can charge sometimes |
| Third mistake | | | | as much as thousands of dollars for those who |
| | | | pay off the loan in the first few years of |
| Another costly mistake you may make when you | | | | owning their home. Many times the reason that |
| are buying a new home is spending too much | | | | people pay off a mortgage early is that you |
| money and not being able to handle the | | | | have found a more attractive interest rate |
| payments each month. Before you decide the | | | | that will put more money in your pocket each |
| purchase price of a home you can afford, you | | | | month. Keep this in mind, and read the small |
| will need to sit down and take a look at your | | | | print before signing on the dotted line to |
| monthly expenses and bills to see what type | | | | ensure you are not agreeing to this practice. |
| of payment you can easily afford each month. | | | | |