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Getting A Mortgage Is Complicated – Don’t Make These Mistakes!

getting a mortgage

As experienced Dallas-Ft. Worth realtors we understand the one part of buying a home most people dread the most – getting a mortgage. While it’s stressful enough on its own, there are some mistakes commonly made that you want to avoid if at all possible! Here’s the low-down.

Start looking for several mortgage lenders to meet with in the weeks before you begin your search. Why not just one? You could be spending a lot more than you imagine by meeting with only one mortgage lender. The offers and interest rates often vary between lenders, and saving that half a percent could save you a bundle. Be sure to request a good-faith estimate to ensure you’re comparing the same information (fees, interest rates, etc.) between lenders.

Stay put at your job and avoid multiple credit inquiries. When getting a loan pre-approval lenders want to know that you’re consistent when it comes to employment and bringing home a paycheck. Try to avoid switching jobs until after closing on your home if possible. It’s also a good idea to avoid anything that may make it look as though you’re trying to borrow money when you’re already trying to get a mortgage. Requesting an increase to your credit limit or opening up a new line of credit (getting another credit card) isn’t recommended prior to closing either, as these inquiries can put a substantial dent in your credit score.

The pre-approval – not the same as a mortgage pre-qualification! What you want is a mortgage pre-approval, which means ultimately that you’ll have a written commitment stating the lender will finance up to a specific loan amount. Many sellers require this, as a mortgage pre-qualification only estimates what you can afford in terms of a loan and is NOT a guarantee of approval. Make sure you know the difference!

Buying a home can be a stressful and complicated process, but avoiding mistakes when it comes to getting a mortgage can make it less stressful. Do your homework, and keep in mind you’re trying to make the most important investment of your life – a home your family will love and where memories will be created.

At Team Nelson we know the stress you face not only in getting a mortgage, but finding the perfect home for your family. Our DFW real estate professionals know the market and what’s available. Let us help you find your dream home!

What People Are Saying

We love using Team Nelson to buy and sell homes! The entire team is incredibly knowledgeable, helpful, and responsive. Tara has been are go to for anything we need to know about local market and market trends. They will schedule a meeting in person at your home and give you honest expectations of the sell of your home. They meet and often exceed the expectations they set for their customers.
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Demi Devine