Getting a mortgage approved is quite a task and you have to go through several steps for it. At the end of all these steps, you want to feel a satisfaction with what you have gained and not disappointment or regret. In order to get the right mortgage rate and the best loan for you, you should avoid making the following mistakes-

  1. Calculate expenditures- when you are looking for a mortgage, bear in mind that you are going to have to make payments every month. It is vital that you ensure that the payments do not take up a huge proportion of your income. If this happens, you are not going to be left with enough money to run your household throughout the month
  2. Homeownership costs- these are costs that you do not think about because of the assumption that they are rare expenditures. However, research indicates that 1-2% of the cost of the house ends up being the cost spent on maintenance and repairs. Additionally, you will have other costs like property costs that you will also have to pay for. And contrary to popular belief, ownership costs increase with the age of the house 

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  8. Not doing enough research- this is one of the most common mistakes made when applying for a mortgage. Individuals fail to look at multiple lenders and instead choose to go with the first lucrative one they see. Make sure that you take the time to find a number of lenders before shortlisting and deciding on the one best suited to you. Failing to do research could lead you to pay more when you could have simply devoted more time and spend a lot less
  9. Ignoring APR- the annual percentage rate or APR is something that you must definitely consider. Several lenders offer low mortgage rates depending on what your budget is. Additionally they have offers such as free mortgage insurance for the first three months of repaying your loan. Click on to request for rates as well as chat with their professionals today.