Верите или нет, но когда речь идет о чем-то сложном, как, например,
ипотека, люди склонны ошибаться. Это в конечном итоге стоит
для новых покупателей тысяч долларов в виде процентов.
Кроме того, покупатели часто неправильно выбирают тип ипотеки,
и застревают в ней на длительное временя.
А ведь с помощью профессионального специалиста ипотечного
кредитования можно избежать распространенных ошибок.
Believe it or not, when it comes to something as complicated as mortgages, people tend to make mistakes. That ends up costing new buyers thousands of dollars in fees and interests. Moreover, the buyers are often saddled with the wrong type of mortgage, which they are stuck with for a long period of time. When looking for the proper mortgage, it is important that one finds a professional mortgage specialist, who can guide the prospective buyer through the process and help to avoid common mistakes.
1. Not knowing your credit score.
Once you have chosen a property and ready to take the next step, you should make sure that you know what your current credit rating is. Needless to say that if you have a high credit score then the interest rate you are likely to be offered will be substantially lower, than if your credit rating is below the minimum standard. Checking your credit rating every few months is always a good practice, it gives you an opportunity to be fully aware of your credit history. The credit report can be obtained from two major agencies: TransUnion and Equifax.
Following the receipt of the credit report, you should carefully review it. In case the credit score is lower then anticipated there are several things that can be done to increase it in the short period of time. Paying off any minor debts is one of them. Perhaps any disputes you might have on the account that you feel are not legitimate. Any old accounts that are no longer in use should be marked as "closed/paid in full". However, if the accounts are not closed properly, you should contact the company that manages that debt. They will report to the agency that the account was closed at your request. Make sure that there is no collection issues reported on your credit report. For the reason that, each collection reported, even for small amount, will drastically reduce the credit score. Some companies will issue a collection letter on purpose, knowing that such procedure will affect person’s score. Generally speaking, every collection issue that is seen on the credit report ideally should have a reasonable ending to it. Meaning, a confirmation letter, from the debt company of an account being resolved one way or another.
2. Choosing the Wrong Mortgage.
There are so many variations of mortgages that alone can be very confusing. Getting into the wrong mortgage can be a very expensive mistake. Mortgages boil down to two real types, fixed rate (FRMS) and adjustable rate (ARMS), each have several variants to them. There is little point in securing a 30 year FRM with high closing costs or a mortgage with pre-payment penalties attached, if you intend to move in a couple of years. Another example would be taking out ARM with a low initial discount rate, with no certainty that you can cover the payments when the mortgage reverts to the full rate. Such mortgage mistakes are very costly, but easily avoided with a little bit of thought and common sense. Generally your needs and circumstances will dictate the kind of mortgage that best fits your need, so it is important to do the research and know your financial requirements. Take some advice, get expert opinions and the right choice normally becomes fairly clear.
3. Not being prepared for closing costs.
When the time comes to actually get your loan after going through escrow, there is more money to be spent. This extra sum can be hundreds or thousands of dollars and it must, under most circumstances, come out of your pocket. Many people go into home buying thinking that once they've gotten their loan, they are set to buy a house and move in without spending a dime of their own money beyond the down payment. Little could be further from the truth. Sometimes owners will be allowed to roll their closing costs into the price of the mortgage (rarely), but this is not usually a good idea, as you will end up paying a whole lot for it in the long run in interest.
Most lenders will ask for proof of 1.5% of purchase price to be saved on you account for closing cost. Normally it will cover your solicitor fee, land transfer fee, moving expenses.
4. Having a small down payment.
There are lots of programs out there that allow borrowers to buy a home without putting down a large down payment or any at all. The interest rate for these 0 down payment mortgages is much higher and it means that monthly payments will be $300-$500 higher compare to mortgage with regular rate. Also you have to consider paying mortgage insurance for mortgages with down payments form5% to 20%.It is considered to be high ratio mortgage and due to higher risk for the lender mortgage has to be insured by CMHC or Genworth. The mortgage premium is substantial amount and it is included in the mortgage but you have to be aware that it will be an additional expense from your pocket. Higher down payment allows you to pay lower insurance. If you have 20% down payment you are not obligated to pay for insurance and lenders will absorb this fee.
5. Not Shopping Around.
But just because you're pre-approved with one bank doesn't mean you need to obtain financing from them. Be sure to shop around with multiple banks and lenders and even consider a mortgage broker. A broker can shop your rate with a number of banks concurrently and find you the lowest rate with the best terms. Also mortgage broker can be helpful in reviewing you current situation and giving you different opinion. Shop around just as you would for any other purchase to avoid making one of the top mortgage mistakes.
6. Paying minimum payment only.
Once clients set up mortgage, they normally pay minimum payment that was set up based on interest rate and amortization which allows lending institutions to make great income because first 5 years more money contributed into interest portion of the payment. There is many different ways to save thousand of dollars and here is an example. If client set up a mortgage for $500,000 based on 30 year amortization with variable interest rate 2.2% and payment $1895.96 per month this client can save $59,339.31 over 5 year term by setting up payment instead of monthly changing to accelerated by weekly and increasing payment by additional 10% every year. By structuring your mortgage payment correctly you can pay off your biggest debt in 10 to 15 years by making few simple calculations.
7. Ignore transfer of existing mortgage.
Once you have stet up your mortgage you have an option to transfer existing mortgage to another property in case you decide to sell your existing property and buy bigger place or change area where you leave. Transfer of existing mortgage allows you to save penalty that you will have to pay in case you decide to pay off you current mortgage .Also it is important to know that when you buy property with low down payment and pay mortgage insurance in many cases you can transfer insurance premium which can save thousand of dollars.
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