Common Mistakes People Make When Buying A Home

Buying a home is one of the biggest dreams every person has, and to turn it into reality, one does everything within their power. However, some mistakes people make unknowingly result in a delay in reaching their goals.

These mistakes can be easily avoided by hiring a professional who conducts extensive research before guiding you to consider various mortgage options. They also assist you with other factors like deciding on your dream home’s location, neighborhood, and space.

To help you avoid some basic errors that could prove to be costly, Mortgage Architects - mortgage by Patrick Tang has put together a list of the most common mistakes people make when buying a home.

1. Not knowing other alternatives in case the bank declines the mortgage
When the bank declines the mortgage, most borrowers might not know where to turn or what to do next. There are, however, numerous alternatives available. And one of them is working with a mortgage broker. An experienced and knowledgeable mortgage broker has access to many lenders who prefer lending to a variety of mortgage borrowers who the banks regularly turn down.

2. Thinking that the down payment must be in the bank before three months
Most people are under the impression that one needs to make the down payment within three months, for which they try to borrow the funds from friends before the closing date.

3. The annual income listed on the application does not match
On conducting the income verification, for some people, the annual income does not match the income listed on the application. This mistake can be easily avoided with the help of a professional who keeps accurate records.

4. Believing that the bank considers the amount on NOA to be their income
People believe that the bank looks at the NOA amount and considers their income. This error leads to confusion and makes people make wrong decisions by manipulating the numbers.

5. Continuously looking for mortgage brokers or banks even after finding the right one
If a customer finds a mortgage broker, they should trust him and not hunt for another one or another bank. Doing this can create a lot of confusion and can also be time-consuming.

6. Not cooperating with your mortgage broker
Once you have finalized a broker, it is best to discuss with them how they expect to proceed and follow their instructions. Discussions are very important, but so is cooperation, as it will help you ease the process.

To avoid these and other mistakes, reach out to the expert at Mortgage Architects - mortgage by Patrick Tang. I offer a wide variety of mortgage services to clients, including purchase mortgage, investment property mortgage, first mortgage, second mortgage, construction mortgage, mortgage refinance, home equity line of credit, self-employed mortgage, reverse mortgage, commercial mortgage, and private lending, and more.

We serve clients across Richmond Hill, Toronto, Unionville, Markham, Newmarket, Mississauga, Vaughan, Pickering, Brampton, and the surrounding areas.

For a complete list of my services, please click here. If you have any questions about the mortgage, I’d love to hear from you. Please contact me here.