I have been working in lending for the past 2 years. Here are common mistakes people make.
Not checking their credit score for errors
- Credit scores can have mistakes such as incorrect credit card balances, open lending products, and even the wrong date of birth. Check your credit score every year to make sure there are no mistakes.
Not using a Mortgage Broker
- You may only be able to check out a few different lenders but brokers have access to hundreds of different mortgage products, making it much easier to find the best mortgage to fit your needs.
Not having a clear understanding of what they need
- Many people simply look for the mortgage with the best rate. However, there are many things to consider including prepayment options, penalties, and more.
Not providing documentation in a timely manner
- This will delay the application process and may make things like credit bureau and rate holds null and void. Be sure to send your information as soon as possible.
Making large purchases during the application
- While going through an application, be sure not to rack up debt or degrade your financial position. This may result in losing the deal, even if you have been approved.
Contact Vinil for a no-obligation meeting to help you pursue your financial goals.