Mortgage rates are low, low, low right now - close to all-time minimums. But those low rates can still cost you an awful lot of money if you're not careful to avoid some of the serious mistakes people make on home loans when buying a home or refinancing.
Not shopping around
Surprisingly, one of the biggest mistakes people make is failing to shop around when getting a mortgage. Shopping around means more than just looking online or in the paper for the lender advertising the best rate - you have to get down to the nitty gritty and compare details
Not checking your credit report
Before getting a mortgage, you definitely want to order copies of your credit report from the three major credit reporting companies - Transunion, Equifax and Experion - you're entitled to a free report once a year from each. You may discover errors or something straightforward you can do to quickly boost your credit, like reducing the balance on a credit card.
Borrowing too much money
This can affect both home buyers and those refinancing a current mortgage - the first group buys too much home, the second takes too much cash out of their home equity. In both cases, you're borrowing money you'll have to pay back through your monthly mortgage payments. Too many people don't take a close look at their finances and determine what they can really afford.
Center State Mortgage is always there for you with the lowest interest rates in Staten Island and New Jersey! They haver professionals who know the ins and outs of successfully getting the mortgage you need! Choose Center State Mortgage for all your home loan needs!
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