The Nine Most Common Mistakes to Avoid When Obtaining a Home Mortgage

Mortgages
Mortgage Refinance
Personal Loans
Home Loans
Car Loans
Personal Credit
Real Estate
Home Equity

Yahoo Finance
MSN Finance

Trade-Show-Tips.com Articles, tips, product reviews for Trade Show and Event Marketers. Trade Show displays and portable displays for event marketers, sales professionals, trade show exhibitors, event presenters. Articles and advice for staff training, sales motivation, event planning, event website building, lead generation, event follow-up. Trade-show-tips.com is a member of the sbo-linknet.com network of websites.

Mortgage Loans, Mortgage Refinance, Car Loans, Personal Loans

Refinance Now, Lowest Rates on Florida refinance - MrBillKnows.com deals with the top lending institutions in America to find the best loan programs to custom-fit your needs. Mr Bill Knows all about refinancing in Florida. Mr. Bill Knows florida refinance!

Non-recourse loan - Loans through ACAP’s lenders are non-recourse to the borrower save for typical borrower carve-outs.

Boliglån og finansiering brug friværdien - Du har nu taget det første skridt mod en bedre boligøkonomi. Og hos os kommer du i gode hænder. Med mange års erfaring fra den finansielle sektor vil vi i de fleste tilfælde kunne sammensætte en løsning, der betyder besparelser for dig.

Student Consolidation - Quickly Get Out Of Debt Now.

Offshore selskaber - Vi tilbyder raadgivning og stiftelse af offshore selskaber & trusts. Vi har et bredt udvalg og stor ekspertise.

Florida Mortgages - Let the Florida Mortgage Guide show you the right programs with our Free CD and workbook.

Home Equity Loan Lowest Rate - Home Equity Loan directory to quickly find the Equity Loan that can offer the lowest possible interest rate. Home Equity Loans are the lowest possible interest rate, and interest may be tax deductible.

Mortgage Marketing, How To be A Loan Officer - Make money in real estate as a mortgage loan officer. Free mortgage marketing tips and stragegies.

Refinance Mortgage Rate - Consider refinancing your mortgage. Lower interest rate, consolidate your debts, shorten loan term, switch from adjustable to fixed mortgage rate. Take advantage of your home equity.

Arizona Home Refinance - Arizona mortgage broker located in Glendale Arizona. Refinance your home. Quick closings and excellent rates on all mortgage programs.

Car Finance - Motor Car Loans provides UK and US residents with information on buying that Dream Car.

Personal Injury UK - Personal Injury information, Personal Injury Lawyers Directory and Information on how to make a claim.

For advertising information see Linknet Promotions. Get your text ad on hundreds of pages, including blogs and articles distributed on many websites. The Nine Most Common Mistakes to Avoid When Obtaining a Home Mortgage

The Nine Most Common Mistakes to Avoid When Obtaining a Home Mortgage!

from Industry Sources

You are about to make what will most likely be the largest transaction of your life: your home mortgage. Unfortunately, many homebuyers do not take the time to research some of the little but weighty intricacies of mortgages. Researching the mortgage process takes little time compared to the tens of thousands of dollars it could save you.

Doesn't it make sense to become as completely informed as possible before you buy your next home? This special report is designed to help you avoid nine common mistakes. Remember that the right lender can help you make good, sound business decisions based on your personal financial situation.

1. Find a Reputable Lender - This is the most important choice you can make when starting the mortgage process. If you don't trust your lender, you are in for a long and stressful home-buying experience.

2. Pricing - Don't be lured into a mortgage company strictly by promises of low rates. Find out how long the advertised rate is guaranteed for. Make sure there is enough time to close on your loan. Some companies may make these "promises" but will try changing the rate prior to closing. They may claim that your "lock-in" rate has expired so make sure you have the expiration date in writing. In some cases, the lender may even try to delay your closing to break the "lock-in" rate. In other cases the delay may be beyond the lender's control. Make sure to allow yourself plenty of time for closing. Delays in the process are common and everyone (builders, title companies, even yourself) is responsible.

3. Programs - You will see several programs that offer special low-interest rates. Keep in mind that they may not be the best program for your situation. Make your lender explain what programs they feel best serve your needs and more importantly, why.

4. Fixed or Adjustable Rate Mortgage (ARM) - Conventional thinking is that fixed is always better and while this is sometimes true, it is not always the case. The key here is to ask, "How long am I going to live at this property?" An ARM can actually be a better choice if you are going to be in the home for a short time. The average for how long a first time homebuyer keeps their mortgage is less than four years. In general, the longer you plan on staying in your home, the better a fixed rate mortgage will suit your needs.

5. Don't try to bottom out the market - Deciding when to lock in to a mortgage rate can be difficult. Many people will float, trying to guess when rates have hit bottom. Unfortunately, a lot of times they will wait too long and end up with a much higher interest rate. There is nothing wrong with floating but keep a close eye on economic indicators. Your daily newspaper or even the nightly news can be an excellent source of information on the latest interest rate activity. As closing nears, it might be worth locking in.

6. Negotiate problems prior to closing - Its common for a problem to arise before closing. Waiting until closing will rarely be in your best interest. For instance, if you accept 0 at closing in lieu of the seller making a repair and after closing you find that the repair will actually cost 0, you've obviously made a poor decision. Whether the builder agreed to add an item and has not or the seller has made a repair that is not acceptable to you, discussing a solution prior to closing will give both parties time to analyze and determine options.

7. Be prepared for closing costs - In addition to the down payment, you will be required to pay fees and other closing costs at the time of the final transaction. Closing costs typically range from 2 percent to 6 percent but will be dependent upon your situation. Lenders must provide you with a "Good Faith Estimate." The "Good Faith Estimate" will breakdown all costs so that you may know what to expect at closing.

8. Close at the end of the month - When making a mortgage payment, you will be paying interest that has accrued from the previous month. Upon closing however, your lender will charge you prepaid interest for the date the loan is recorded through the end of that month. Therefore, one way to lower your closing costs is to close in the latter part of the month. This will lower the amount of prepaid interest that you must pay.

9. Look out for hidden fees -- Check for certain miscellaneous fees such as inspection, notary, and document preparation. These types of fees can mean hundreds of dollars in closing costs. Remember that this is your money at stake. Never should you be afraid to ask for explanations of fees you are being charged.

This article is also reprinted in the Linknet Real Estate Article Library.

This site is a member of the Linknet network of websites.
Owned and operated by Solar Marketing, Conestogo, Ontario, Canada, www.small-business-online.com
Copyright (c) 2004-2005 All Rights Reserved