If you’re looking to buy a house, you’ll want to avoid these four mistakes when it comes to your financing.
When you’re shopping for a home, there are four mortgage mistakes you should try to avoid:
1. Thinking the advertised you see is the rate you’ll get: The advertised rate will be that company’s lowest possible rate. In reality, many things go into determining the rate you’ll get, like your credit score.
2. Not comparing lenders: There are plenty of ways to compare lenders and their rates these days. You also want to compare their closing costs, especially in an area like Clarksville where you might ask the seller to pay some closing costs.
3. Waiting for a better rate: If you wait for rates to drop in an active market like ours with prices going up, you might end up paying more for the house itself, even if the rate goes down. In many cases, it could actually cost you more money if you wait.
4. Choosing the wrong type of loan: For example, many people think that since we’re in a VA market, they should automatically choose a VA loan. However, it all depends on what else you plan to do with the the financing. One big thing to consider in this situation is how much money you’re putting down.
We can provide more details and advice on any of these points if you have any other questions. Just give us a call or send us an email. We’re happy to help!