The world of mortgages can be confusing and pretty costly if you don’t know what you are doing. Bill Wagner from Hiway Federal Credit Union shares some of the biggest mistakes they see when it comes to mortgages.
Mistake #1: Shopping for homes before you have financing. Getting pre-approved from a lender will help you fully understand your budget and how to live within it.
Mistake #2: Believing you need a big down payment. You actually can get a mortgage with as little as 3% of the sales price as a down payment. Use a mortgage calculator to better understand your payments.
Mistake #3: Setting your mortgage on reoccurring payments and never looking at it again. You should be looking at changes in the market and your income fluxuation regularly.
First-Time Home Buying