Shopping for a home before getting pre-approved for a mortgage is like walking into a grocery store without money or a credit card. While obtaining a mortgage should be at the top of your ‘to-do’ lists, getting one can be a daunting task. There are hundreds of mortgage options available in the market and picking one that will fit your budget is a dilemma that several people face.
Confused over what to choose, people often make mistakes that cost them a mortgage and their dream home. To help you overcome this dilemma, and choose the best mortgage deal for yourself, we’ve compiled a list of common mistakes to avoid making while shopping for a mortgage.
Not having an open mind. When it comes to mortgages, certain key points are readily discussed such as “lowest rate” or “a particular lender.” However, if you focus only on those topics, you risk missing out on other financing opportunities. The wrong mortgage will end up costing you either now or in the long run. There are a lot of factors to keep in mind when choosing the right financing for you and your family. Don’t be nervous to ask questions and don’t be so quick to accept the first answer!
Making decisions on mortgage financing without having a minimum five-year plan. We are becoming so used to instant messaging and everything for “right now” that we expect this to be the best business practice to ensure we don’t waste our time. Taking a bit of extra time when choosing your mortgage can save you thousands of dollars overall and put you in a better financial position, so you can follow through with your future goals, whatever they may be.
Hiring a mortgage professional you’re not comfortable with. Disclose Everything! If you don’t feel comfortable discussing your personal information, you are not working with the right professional! End of story!
To avoid these and many other mistakes when shopping for a mortgage, reach out to Gignac Financial Inc. Kristen Gignac, a mortgage broker, brings over ten years of experience and has a willingness and demonstrated ability to help anyone, whatever his or her personal situation is. She works with a team of professionals who all carry the important values of honesty, loyalty, and trustworthiness and who have a passion to share their expertise to help others. To get in touch with them, please click here.