Mortgage Mistakes You Can Avoid

Deciding to buy a home is a big step in the ‘American Dream’. The experience, however, can be frightening, especially when presented with loads of papers and amounts of money a few times your annual income.

However, there is advice out there and we’ve put together a list of several actions you can take to make the process better. Additionally, you can go to Equity Direct Funding to find more resources.

First-Time Home Buyers’ Programs

These programs are typically sponsored by the government at varying levels

Usually lower interest rates and better terms

Fix Your Credit First

Before you even go to a lender or apply, check your credit

There are many sources available including this one from Equity Direct Funding

If there are errors, contact the appropriate parties and get them taken care of

Get Pre-Approved

Don’t just get ‘pre-qualified’--this is just based on a few variables and is more of an estimate

‘Pre-Approved’ means that the amount is verified and that you are actually applying for the loan.

Check More Than One Place

You should check with multiple sources for rates and terms

Be sure to check with private lenders as well as government agencies and other organizations