- Check your credit report. Make sure that it is accurate. Inaccurate entries in your credit history can significantly increase the cost and interest rate associated with your mortgage.
- Know the terminology. You should also be aware of the types of mortgage you may be offered, and how those options fit with your financial plans. Are you willing to take the risk of having the interest rate go up, such that you are willing to apply for an adjustable rate mortgage (ARM), or do you want the security of having a fixed rate?
- Know your financial needs. Know how much you need to borrow, and the maximum monthly payment you can afford to pay.
- Get The Help You Need. If you feel confused, or don't know how to estimate your financial situation and mortgage needs, seek assistance from a loan counseling agency.
Before you sign the contract:
- Read all of the fine print. Don't let anybody rush you. Make sure that all the information on the loan contract, including any information about you, is correct. If there is anything you don't understand, ask for an explanation.
- If the terms of the loan offer have suddenly changed, don't be afraid to walk away
- Read all of the fine print. Don't let anybody rush you. Make sure that all the information on the loan contract, including any information about you, is correct. If there is anything you don't understand, ask for an explanation.
0 comments:
Post a Comment