Top 5 Mortgage Loan Mistakes Pleasanton Home

Buyers Should Avoid

Purchasing your new home is major accomplishment in life, most especially if you are a first time homeowner. Finding the right one among the many Pleasanton homes for sale is really exciting. But part of the process of homeownership is going through mortgage applications. These can sometimes be confusing and frustrating. Read on to find out how you can avoid pitfalls that prolong the application process.

1. Not telling the truth

Lying on a financial application is obviously not a good idea. It is fraud that can become a federal offense which will make things harder for you. When buying Pleasanton CA homes for sale, it pays to be honest with your financial situation.

2. Failing to get pre-approved

One of the most important steps in preparation to buy a home that people fail to take is getting preapproved to determine if they qualify for a loan. In the pre-approval process, the bank will check everything from your credit report to your income and assets. You will be pre-approved on the basis of your financial history and capabilities.

3. Opening new credit cardsAs much as possible, avoid opening new credit cards or making excessive charges on existing credit lines. Doing so, especially before and during the loan process, may hurt your credit score and increase your debt load. This kind of scenario could lead to a disqualification. Practice discipline when it comes to using your credit card until the loan is funded and closed.

4. Overlooking the details

Before you purchase a Pleasanton home for sale, make sure you have given careful attention to the details of a mortgage application. If you are too hasty and careless, you might find yourself approved for a mortgage you really do not want. Do not rely on verbal agreements. Make sure you have filled out the mortgage documentation and get a written pre-approval letter to avoid scams and other possible problems.

5. Ignoring the true cost of ownership

It’s not just the sale price you agreed to pay for that you have to take care of. You also have to include the total amount of principal and interest. As a homeowner, you need to learn about the property tax system in your community. Keep in mind that you are also responsible for homeowner’s insurance, all the ongoing cost of furnishing and maintaining a home, and monthly utility bills.

Follow these tips and be financially ready for your dream home! Visit www.680Homes.com for wide array of homes for sale in Pleasanton CA.

Are you looking for Pleasanton homes for sale or need help in selling your Pleasanton home? Call me, Doug Buenz, at 925-621-0680. Our team of real estate agents in Pleasanton at The 680 Group has the experience and expertise to provide you with unparalleled service in the real estate market.