Common Mistakes Most Homebuyers Make When Applying For A Mortgage
Applying for a mortgage can be pretty intimidating, especially if you require one immediately. However, when you have little knowledge of this field, you are more likely to fall into traps and commit mistakes.
Therefore, if you are interested in mortgages, it is best to hire a professional as they are equipped with the necessary knowledge and can help you get a mortgage quickly. This can save you from additional work and allow you to focus on your work growth.
As an expert Victor Matos – Mortgage Agent – Insurance and Investments Advisor, have discussed below some common home buying mistakes you can avoid during the mortgage process. Keep reading to know more!
1. Being fixated on the interest rate
Sometimes clients are so focused on getting the lowest interest rate that they ignore the other aspects of the mortgage, such as large prepayment penalties, the reputation of the lender, post-funding service from the lender, and hidden fees.
2. Researching excessively instead of focusing on a source that better fits their needs
To encourage competition, clients call every mortgage broker they can find. The only thing clients get out of it are desperate brokers who aren’t busy; therefore, they can’t be that competent and who are eager to close a deal even if it means working against what’s best for the client.
3. Client trying to be the expert when dealing with the mortgage professional
We all have our strengths, and if we lack the proper industry knowledge, it is best to hire a professional with expertise in this field. Also, let them do their job correctly without any interference.
4. Blackmail a professional into paying the clients fees
A mortgage professional gets paid for their work, just like a client receives their salary, as nobody likes to work for free or has a cut on their salary. When a mortgage expert is requested to pay a portion of the client’s fees, another expense must be reduced to compensate for the losses.
5. Lack of respect
Everyone deserves to be respected for their time and money. Some clients want to be serviced and treated like royalty, call at all times of day and at weekends, and demand it.
6. Being under the impression that their bank cares about them
Banks are in the business of making money too. Mortgage agents, on the other hand, work for the banks but are loyal to their clients first.
To avoid these and other mistakes, reach out to the experts at Victor Matos – Mortgage Agent – Insurance and Investments Advisor. I am a leading Mortgage Agent and Insurance/Investments Advisor in Hamilton, Ontario. I take great pride in helping my clients find the perfect insurance plan to meet their individual needs. We serve clients across Hamilton, Oakville, Burlington, Binbrook, Ancaster, Brantford, Caledonia, Grimsby, Stoney Creek, Cayuga, Dunnville & St. Catharines, ON.