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04/07/2022


Mortgages are loans to invest in real estate. While they can be a great help, having a mortgage means committing to paying it off for many years. This is why you should avoid the mortgage mistake mentioned in the post below.

Mortgage Mistakes You Should Avoid

  1. Have a real estate investment budget and stick to it. Never go over your budget, even if you get a mortgage to help out, as it can bury you in interests later on.
  2. Likewise, not having enough money saved up to cover the down payment (at least) can be detrimental and can force you to spend money on mortgage insurance.
  3. If you're not ready to invest in a property, don't do it. Getting the timing wrong (when you don't have job security or a good credit score) can be a huge mortgage mistake.
  4. If you're applying for a mortgage, not being prepared for the application is a bad idea. Make sure you have everything in order before you apply.
  5. You shouldn't forget about mortgage expenses (application fee, ongoing maintenance fee, etc.) as you do your budget.
  6. Inflating numbers, twisting the truth, withholding information, and lying in your application can get you in a lot of trouble later on.
  7. There are many mortgage companies around, so it can be a mistake not to look at different options. Shop around to see who gives you the most benefits.
  8. If you want to feel safer in your real estate process, don't forget to get a mortgage pre-approval, as it can give you a sense of security and will validate you as a buyer.
  9. Lastly, it can be a huge mistake to avoid insurance. Insurance will protect your investment against a few issues, so don't overlook it.

Call Countywide Title Company in Plainview, TX at (806) 293-8363 to get a professional title search and title insurance.

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