Thursday, February 28, 2013
Frequent Tulsa Mortgage Mistakes
Most of us would like a piece of real estate to call our own. Tulsa real estate has been thriving for a while now, and if you are in the market for a good deal, you should know how to strike a good mortgage. However, there are a few common mortgage mistakes that must be avoided:
Never begin looking for a home without being preapproved for a loan. You stand a better chance of getting the apartment of your choice when you have a complete loan approval along with the commitment letter.
Never settle with a verbal
Never ever settle a deal with a verbal agreement, no matter how well you know the seller. The same applies when you are buying from family. Verbal agreements have no legal standing, and in the event of something untoward happening, you don’t stand a chance of the law being on your side.
Just because a lender gives you the lowest possible rates on your mortgage doesn’t make him the best choice. Look around for others, and, more importantly, scrutinize the loan proposal for loopholes.
Good Faith Estimates
Make sure that you get the Good Faith Estimate – that is the fees you will be charged for the loan, within three days of the application being filed. The loan is not something you should take on if the final figures are hugely different from what you were told.
Should you be going in for the locked rate of interest, make sure that this point is mentioned in the loan agreement.
Always make time to have all the inspections of the house carried out; only then can you take it over for occupation.
Insure Insure Insure
As soon as you have accepted an offer, then it would be the perfect time to plan out your home insurance. You have to make do with the fact that no project is handed over on the day mentioned.
Have a Plan B
Do not have a rigid time-frame for the deal to be complete. Put a plan in place to deal with unexpected delays.