Ten Things to Avoid when Getting a Mortgage – Avoid Getting Too Personal

Avoid getting too personal with the seller, broker, or lender.

You should always remember that shopping for a loan is a business transaction. Thus, everything should be discussed in a professional light as much as possible. You can ask the seller to fix some problems with the home before the transaction gets finalized if you share your concerns honestly. Making jokes about that weird wallpaper color in the bedroom can offend the seller and they may not be as willing to make the requests you make of them.

You should also not get too personal with the broker or lender. Don’t share information that is not pertinent to the transaction. Although not all lenders or brokers will, they can potentially use that to skillfully manipulate you into getting the mortgage that you may not be able to afford in the long run. Getting a mortgage is a personal decision but that does not mean getting personal with the people involved in your loan.

Ten Things to Avoid when Getting a Mortgage

Ten Things to Avoid when Getting a Mortgage – Avoid Home Equity Loans

Avoid home equity loans unless absolutely necessary.

Home equity loans or a home equity line of credit (HELOC) may initially look tempting to homeowners who have seen the value of their homes rise over the years, borrowing against your equity is not a good move when it comes to protecting your investment. Steer clear of 100 percent home equity loans as this converts all that equity into debt that you will have to repay. Be especially careful of consolidating your unsecured debts into a secured loan under a HELOC. If you default on your payments, you could lose the property you have taken the time to build equity in.

Of course, if it’s for a very necessary expenditure like repairing defective plumbing or fixing a leaking roof, you can take out a HELOC. Be sure that you only borrow the amount you need so you are not saddled with high monthly payments.

Ten Things to Avoid when Getting a Mortgage

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