Clinton Sistrunk discusses how first-time homebuyers can avoid costly mistakes when navigating the mortgage loan process.
Listen to the interview on the Business Innovators Radio Network:
Here are some tips to help first–time homebuyers avoid costly mistakes when navigating the mortgage loan process:
- Shopping around for the best loan deal: Homebuyers should not accept the first offer from a lender. Researching and comparing different options, including interest rates, fees, and terms, can help them find the best product for their needs at the lowest cost.
- Understanding closing costs: Ensure they know exactly what closing costs will be associated with their loan before signing any agreement. Closing costs typically include appraisal fees, title insurance, attorney fees, points (fees paid upfront for a lower interest rate), and other costs that can add up to several thousand dollars.
- Avoid changing their financial profile: Their credit score, employment history, and debt-to-income ratio will be scrutinized as part of the loan approval process. Maintaining consistent information is essential, so it doesn’t impact their ability to qualify for a mortgage loan.
- Don’t forget about insurance: Mortgage lenders usually require borrowers to take out homeowner’s insurance before closing on the loan. They should make sure they understand what coverage is required by their lender and shop around for the best deal before committing.
Clinton shared: “First-time homebuyers should understand that the process of applying for a mortgage loan can be intimidating but is a critical first step. Following these tips can help first time homebuyers avoid costly mistakes in the mortgage loan process and ensure they get the best possible deal.”
About Clinton Sistrunk
Father of a 4yr old daughter and husband. Mortgage Pro for 25+ years. Experience in title, insurance, property management, appraisal, and as a realtor. Investment real estate junkie. Stock, crypto, and all things investing enthusiast. Hiking, camping, snowboarding, and outdoor Aficionado. Chocolate Lab Fanatic and a Jeep wrangler nut. Currently, he owns a mortgage company, is writing a book, launching his own crypto called mortgage, and also just launched an enterprise NFT business focused on the real estate industry.
Learn more: https://www.comtgteam.com