Realizing the home of your dream can be a very challenging task. It’s hard to see yourself dwelling in your dream home, if do not know the right path towards successful mortgage home loans. For your information, there are a lot of perils in taking the wrong steps. William Telish has been in the mortgage industry for more than a decade now. To get more details about him, you can view his profile at William Telish Google Plus Profile. This is why he is the main person to consult when you want to be sure that you are doing things related to your mortgage needs are correct. Mr. Telish advices you to avoid doing these mistakes:
- Getting confused between pre-qualification and pre-approval
When you are considered pre-qualified, this only means that a lender is providing you an overview of how much money you can loan. This is fundamentally based on the information you’ve submitted. When you are pre-approved, this means that a lender has already verified the details you have provided them. By this time, the lender will offer you a particular amount at existing interest rates, under specific conditions.
- Having huge amount of debt
Some people would say that there is no problem at having much debt. However, this is not necessarily the case. In case you do not know, lenders often look at your credit balance everytime you pay. Timeliness in your payment does not have much weight. The more important thing is the remaining amount in your credit after you pay your bills. This is referred to as the “debt-to-income ratio”. If you have nothing left or a very small remainder on your account after bills payment, you are giving a negative impression to the lending firm.
- Ignoring your credit
Before applying for a mortgage loan, be sure to keep your credit standing in mind. More than anyone else, you should be well-knowledgeable about the ins and outs of your credit report. Heck and double-check if there are any mistakes in your credit report. Your credit rating is one of the most immediate resources where lenders would base their decision. Mistake on your credit report would lower your credit rating, thus, creating a bad impression to lenders.
These are the top three mortgage mistakes that William Telish wants you to avoid. If you really want to have your dream home soon, you better know about these and other common mistakes. This way, you can be assured that the next thing to expect in your mortgage loan application is success.