Costly But Common Mistakes

Choosing The Wrong Mortgage
Make sure you know what will happen to your monthly payment down the road when interest rates fluctuate.  Choose the mortgage that is right for you now and in the future.  Check for prepayment penalties.  Remember that refinancing later can be very costly.

Lie On Your Loan Application
Exaggerating your income on a mortgage application can allow the lender to call your loan due and payable.  It is also a federal offense.  Don't sign forms that are not filled out completely.  If you cannot qualify for the loan you probably cannot afford the monthly payments.

Just Because You Are Pre-Approved Does Not Mean You Are Qualified
Often things change between the pre-approval and qualifying.  Also, with pre-approval the lender is just making an educated guess about what you can afford.  

Having Credit Is Good, But Don't Go Overboard
Excessive credit is almost as bad as bad credit.  Just because you pay all of your bills on time does not mean the lender will not focus on how much credit you have.

Contractor Problems
Make sure the contractor you hired is licensed and qualified.  Also, do not pay all of the money down.  These contractors may just run with the money and never return to finish the project.  We recommend contacting F and B Construction Co., Inc with your construction needs.  They have been in business for 30 years and are very qualified.

Skipping Your Home Inspection
The money you saved by not using a home inspector often costs you a lot more later.  Home inspectors are very good at finding numerous problems with properties.

Hiring Any Agent To Sell Your Home
All real estate agents are not the same.  You want a REALTOR® that specializes in your area and agrees to market the house appropriately.