đź’ˇ Think you're mortgage-ready? Think again!
Even savvy buyers make these common mistakes when applying for a loan. Like relying on online calculators, skipping lender comparisons, or not knowing all their loan options.
- Not Comparing Lenders: Don’t settle for the first quote. Different lenders offer different rates, terms, and fees, shop around to find the best fit.
- Ignoring Loan Program Options: FHA, VA, USDA, conventional, each has different requirements and benefits. Picking the wrong one could cost you thousands.
- Depositing Large Sums Without Documentation: Lenders track every cent. Sudden deposits without a paper trail can delay or derail your approval.
- Assuming You Need 20% Down: There are solid options with 3%–5% down—and they’re not just for first-time buyers!
- Relying on Online Calculators Alone: They're a great starting point, but they don’t show your full financial picture or what a lender will actually offer you.
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