Buying a house can be one of the most exciting developments in someone’s life, but it can also be one of the most stressful, unfortunately. Many people don’t know what to look for when they are shopping for a home loan. Just like any decision you are going to make in life, it’s important to gather the facts so you know what decision is the best one to make for you! In my years as a home loan officer, I have seen everyone from first time homebuyers to people who have made several moves and those who are pursuing investment properties make the same type of mistakes when shopping around for mortgages. Without further ado, here are some of the most common mistakes that people make in the process of shopping for home loans:
If you’ve noticed, I offer two main types of advice in my blog posts: money advice and home loan advice. While the two may intersect and overlap, they’re not always the same thing! In fact, there’s a distinct difference between the two. In this blog post, I will be walking you through the distinctions between general financial advice and mortgage advice.
When it comes to applying for a mortgage, communication with your lender and loan officer is paramount to making the process smooth and successful. From start to finish, the process of taking out a mortgage has very many intricate moving parts. While it may be tempting to omit information during the process or inflate claims of income and or assets to make yourself seem more suited for your ideal mortgage rate, not only do you risk losing this home if you cannot pay the loan, you also run the risk of being convicted of mortgage fraud – a felony that is punishable by decades in prison and up to one million dollars in fines. Thus, being honest with your mortgage lender is a way of acting in your own best interest.
When it comes to money and financial trends, I try to not be pessimistic. However, I am a realist – and considering the headlines and current financial climate, I do think it’s important to look at the mistakes of the past in order to avoid them in the future. After all, regardless of the state of the economy, there’s zero penalty for being financially prepared!
In today’s blog post, let’s talk about investing! Before we start, I want to note that I am not a professional financial advisor. I am sharing my advice about investing money from my own personal experiences. Because of this, I know how important it is to consider how an investment will affect your personal financial situation. Despite what anyone else may say about an investment, it is imperative to see how it plays into your own financial goals. My hope is that the information I share with you today can help you to make great choices in the future regarding your investments!
Let’s face it, paying down one’s mortgage is not an easy task. It requires commitment, dedication, and lots of knowledge and education to make sure you’re employing the right tactics and strategies to pay it down. Luckily, I’m here to help! It’s important to have a general understanding of how mortgages work so that you can make choices regarding paying it off that work the best for you. This means we need to talk about the concept of amortization.
Let’s face it – preparing for your mortgage is a stressful enough process as it is. While having the proper documents in line to prepare for your mortgage might not seem like a difficult task, it can add stress to the entire process, especially if it’s your first time applying for a mortgage. In today’s blog post, I will be outlining all of the documents that one would need to apply for a mortgage. While the entire process of applying for a mortgage can seem daunting, I’m here to tell you that when you’re prepared in advance, the process is SO much easier!
Creating a monthly budget that aligns with your financial situation and goals is something that I have always stressed the importance of. Having some form of budget is imperative for many reasons – it helps you keep track of the money going in and out of your bank account, it ensures that you’re able to cover your day-to-day expenses as well as save for large financial goals and emergency expenses, and, most importantly, it promotes financial literacy. Nonetheless, most people don’t even know where to begin when it comes to starting a budget and planning for their financial future. In this blog post, I will be teaching you the basics of budgeting, from what to gather, future savings, and investing, all with the goal of home ownership in mind.