Finding the right mortgage loan for your new home can be a tricky endeavor. As you shop around for a home loan, consider these common mistakes to avoid.

Moving Too Quickly

The first mistake is shopping for a home loan without being pre-approved. This can lead to heartbreak as you set your sights on a house that is financially out of reach. The best approach is to narrow down your search for a mortgage lender and then get a written pre-approval on the home loan amount. This document should spell out:

• How much you can spend on a house
• How much you can afford to finance through a mortgage loan
• How long the pre-approval is valid for

Added Benefits of Mortgage Loan Pre-Approval

A mortgage lender's letter of approval is a valuable negotiating tool. Once you find your dream home and submit an offer, the letter will enhance your credibility in the seller's eyes. If you are competing against other buyers for the same house, you will stand out as a serious buyer with your mortgage loan financing in place.

Selecting a Mortgage Based on Rate Only

The second mistake is to choose a mortgage loan because it offers the lowest mortgage interest rate. While the mortgage rate you pay is important, it should be combined with other important factors:

• Low closing costs
• No hidden fees for a home loan
• A mortgage loan company with a good reputation
• Quick and efficient home loan processing and closing

Get it in Writing

The third mistake is not getting the mortgage loan information in writing. While the loan officer may have the best intentions, the details about the mortgage rate, lock-in period, points, and extra home loan fees should be in writing. Otherwise, you will have difficulty enforcing the terms.

Ignoring Credit Problems

The fourth mistake home loan shoppers make is ignoring past or current credit problems. If you are overextended on a credit card account or have been late with car payments, the lender will find out. It is better to admit the problems upfront and take steps to correct them before applying for a home loan. Consider taking out a debt consolidation loan or home equity loan to pay off the debt.

Knowing about these pitfalls, you can move confidently forward to secure the home of your dreams.

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