Common Mistakes People Make When Getting A Mortgage

Getting your mortgage approved becomes easy with professionals who can suggest the right mortgage plan to help protect yourself from a financial downturn. Whether you are a first-time home buyer or are looking for property financing for investment, you can trust a professional to assist you by providing exceptional services. 

They can assist with mortgage refinance and renewal, self-employed, switch, vacation home mortgages, and more.

To help you avoid some basic errors that could prove to be costly, Shelley Russell Mortgage Agent has put together a list of the most common mistakes people make when getting a mortgage.

1. Overleveraging themselves on car loans or leases
It might be tempting to think about owning fancy cars but to take unnecessary and excessive loans on cars would not be a feasible decision in the long run. Be it loans or leases, both of these substantial levy interest.

2. Not making minimum payments
Do not fail to make the minimum payments on your credit cards from which you can borrow up to their permitted maximum level, otherwise, there will be heavy penalties and fines.

3. Assuming that you need only a 5% downpayment
Marketing strategies often make you believe that you require a minimal amount as a downpayment, but that is not always the case as terms and conditions, along with the hidden fees, can end up costing more than the initial estimation.

4. Considering the co-signer to be a fix all
The role of a co-signer is crucial, but the final authority regarding granting the mortgage lies with the bank, and your application depends on your financial credibility and not on the co-signer.

To avoid these and other mistakes, reach out to Shelley Russell Mortgage Agent experts. 

We are mortgage brokers in Windsor & Toronto, Ontario, offering debt consolidation, pre-approval, first-time home buyer mortgage, home renovation financing, vacation home mortgages, switch mortgages, self-employed mortgages and renewal. We serve clients across Markham, Vaughan, Guelph, Kitchener, Burlington, Windsor, Brampton, Hamilton, Mississauga, Toronto, and the surrounding areas.

For a complete list of our services, please click here. If you have any questions about mortgages, we’d love to hear from you. For more information please call us at 1(866) 444-8115 or email us at mortgagewithshelley@gmail.com.