If you are buying a home, make sure you watch out for these mistakes.

1. Going house hunting before finding a mortgage. You will get the loan best suited for your current situation/needs if you take your time to consult with us first. Trying to make an acceptable offer on a home without your financing in place can be a dealbreaker. In fact, many times you must be prequalified for a mortgage to even be able to make an offer on a home. Overall, your negotiating will be more successful if you can demonstrate that you are a qualified buyer.

2. Taking the first loan offering because it looks okay. Just because the interest rate is the lowest you have seen, that doesn’t mean it’s the best loan for you. You must make side-by-side comparisons of different loans. Compare interest rates, annual percentage rates (APRs), points and loan fees on the “loan estimate” sheets of various loans. Feel free to bring in any loan estimates you’ve received and we’ll be happy to see if you are getting the best deal. Sometimes we are the best deal and sometimes we aren’t… but we’ll always steer you in the right direction with honesty and integrity.

3. Making your loan selection based on marketing promotions. Beware of advertising that says that the lender will be paying for some of your loan fees, such as mortgage insurance or all of your closing costs. You may actually be paying higher interest for the loan to offset what the lender is offering.

4. Not knowing how to read the loan documents. Loan documents have simplified since 2015, making it easier to compare loans. In layman’s terms, the loan estimate will break down the APR, the interest rate, payment, loan terms and cash needed at closing. Just prior to closing, you will receive a similar-looking document, but the line items will be actual amounts, not estimates.

Contact us prior to house shopping so we can avoid these mistakes and get you the best loan for your money. We’re here to help!

Call our office:

(765) 450-8933

Office Hours: Mon-Fri 8:30-5:00

Text us:

Steve DeLon: (765) 736-4384

Ryan Minick: (765) 814-9000

Call us “Nights & Weekends”:

Steve DeLon: (765) 736-4384

Ryan Minick: (765) 814-9000