SEVEN MISTAKES MOST PEOPLE MAKE WHEN FINDING A MORTGAGE LENDER IN ST. GEORGE

1. SEVEN MISTAKES MOST PEOPLE MAKE WHEN FINDING A MORTGAGE LENDER IN ST. GEORGE Are you planning to purchasing a property in St George Utah? Do you want to find the best ST George Mortgage Lenders?

2. Purchasing a house is one of those most expensive investments in life. Therefore, taking a mortgage can be a quick way out as you are left making repayments. It is important to know that mortgage is a huge debt that you will ever carry. In that regard, it is important you make the right decisions! In this post, we feature seven mistakes that most people make when finding a mortgage lender in St. George. Before you have closed the mortgage and signs the forms, here are mistakes you should avoid. 1. YOU FAIL TO CHECK THE CREDIT SCORE BEFORE BEGINNING THE PROCESS OF MORTGAGE SHOPPING It is unbelievable that many prospective homebuyers fail to check their credit score before starting the mortgage application process. In the end, they are surprised when the mortgage lenders tell them that they cannot qualify for the amount they intend to borrow. Before you start shopping for the best St. George mortgage lenders, visit the credit bureaus and inquire your credit score. If your credit score is high and attractive to lenders, they can even consider lower mortgage charges and lower interest rates. 2. THE DEBT TO INCOME RATIO MATTERS TOO! For home mortgage pre approval, the home mortgage lenders will look at your debt to income ratio. This informs them of your ability to afford the home mortgage repayments. Therefore, you want to make sure that the ratio is attractive to the lender. With attractive debt to income ratio, the mortgage borrowers will offer attractive terms. The debt to income ratio matters when applying for a home mortgage low down payment. Tip:Avoid taking additional debts and focus on settling the existing debts. 3. NOT SHOPPING AROUND St. George mortgage lenders are competing to attract as many borrowers as possible. While chasing their goal, they provide different mortgage terms to the borrowers. To land yourself the most affordable mortgage, shop around to find out what the mortgage lenders are offering.

3. Note that, if you go inquiring the mortgage rates from different lenders this is not going to affect the chances of being approved for a mortgage. If you have a good credit score and the debt to income ratio is attractive, you are assured that the mortgage lenders will somehow compete to have you. Do not trust your loan officer, without following up their advice with some research. Do some homework by yourself! You will be surprised to find out that the loan officer did not share as much information. 4. YOU DO NOT CONSIDER THE OVERALL COST OF CREDIT Unfortunately, a good number of first time borrowers think that the interest rate is the only factor when shopping for a mortgage. They fail to understand the other underlying mortgage costs. The interest rate alone, should not inform you the best St George mortgage lender. Therefore, consider the additional cost of credit so that you will be in a position to choose the cheapest home mortgage. You may find that a conventional loan costs more than Utah FHA refinance. 5. NOT CONSIDERING THE LOW DOWN PAYMENT HOME MORTGAGE FHA mortgage 3.5 down payment allows you to own a property easily compared to 20% conventional loan. While comparing the different mortgage lenders and what they are offering, inquire whether you qualify for the FHA mortgage, as it is a low down payment mortgage. 6. ALLOWING MORTGAGE LENDERS TO DRIVE YOU INTO HOUSE POOR STATE Some home mortgage lenders will pre approve you for more amounts than what you actually need to purchase the property. If this is the case, you end up spending all the monthly earnings on mortgage repayments. A good number of borrowers have ended up not able to pay for housing related costs since very little money is left after they have borrowed to purchase a property. Only confine yourself to what you need. Avoid being attracted to mortgage loans that you do not really need.

4. This is a tacky way as it turns home buying into a regrettable mistake rather than lifetime jubilation. Remember that home mortgage low down payment option leaves the borrower with some cash at hand in order to finance the house keep up after closing a home purchase. 7. NOT UNDERSTANDING DIFFERENT INTEREST RATES TERMS Mortgage lenders will ask you to choose between variable and fixed interest rates. The variable interest rates start with lower interest rates compared to the fixed interest rates. However, as the name suggests, the variable interest rates will increase overtime depending on market forces. The fixed interest rates will remain the same no matter the prevailing market conditions. If you are planning to live in the home for more than five years, get the fixed rate mortgage. At Staples Group, we provide different home mortgage products. Check out the portfolio of mortgage products available and contact us for the best rates. View & Download Original https://www.staplesgroupmortgage.com/seven-mistakes-most- people-make-when-finding-a-mortgage-lender-in-st-george/