A guide to help you avoid making common financing mistakes when applying for your next mortgage.

Shopping for a mortgage should not involve emotion or impulse decision making, some of the most common financing mistakes are:

• Trying to find the lowest rate without analyzing the fees
• Working with a company that wont provide you with a written estimate that includes your homes anticipated appraised value
• Securing a mortgage with a pre payment penalty
• Refinancing into a 15 year term when you are consolidating debt
• Starting the process without a financial plan
• Dealing only with your previous lender
• Discounting the idea of paying points without analyzing your break even point and lifetime savings potential
• Not knowing what your credit score is or your homes realistic appraised value

If you truly want the best deal on you next mortgage loan, some up front home work and comparison shopping for   mortgage quotes from different lenders will help position you to save in the long run. 

12-05-2007 © LoanNetwork.com

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