Introduction
Securing a mortgage is one of the most significant financial decisions you’ll make. While the process can be exhilarating, it’s also fraught with pitfalls that can have long-lasting implications. Whether you’re in Tulsa, OK, or elsewhere, understanding the dos and don’ts of getting a mortgage can make all the difference.
The Dos
- Get Pre-Approved: Before house-hunting, get pre-approved for a mortgage to know exactly how much you can afford.
- Check Your Credit Score: A high credit score can help you secure a lower interest rate. Check your score before applying and correct any errors you find.
- Shop Around: Don’t just settle for the first lender you meet. Compare rates, terms, and fees from different providers to ensure you get the best deal.
- Save for a Down Payment: A substantial down payment can significantly reduce your monthly payments and potentially eliminate the need for private mortgage insurance (PMI).
- Budget for Additional Costs: Remember, it’s not just the mortgage payment. Budget for closing costs, maintenance, and other potential expenses.
- Consult a Mortgage Advisor: Speak with a qualified mortgage advisor to help you navigate the complexities of different mortgage options.
The Don’ts
- Don’t Overspend: Stick to your budget. Overstretching financially can lead to complications down the line.
- Don’t Skip the Fine Print: Always read the terms and conditions. Make sure you understand all the fees involved and the flexibility of the mortgage.
- Don’t Make Big Purchases: Avoid making any significant financial commitments, like buying a car, between your mortgage application and closing.
- Don’t Change Jobs: Lenders value stability. Changing jobs during the mortgage application process can be a red flag.
- Don’t Ignore Loan Estimates: These documents provide crucial information about your loan, like interest rates and closing costs. Make sure to read them carefully.
- Don’t Lie on Your Application: Always be truthful on your mortgage application. Providing false information can lead to severe penalties, including loan denial.
About Kyle Bradley, Your Mortgage Advisor in Tulsa, OK
Kyle Bradley | The Bowtie Lender
NMLS #488324
Kyle Bradley Mortgage
100 S. Riverfront Dr. Jenks, OK 74037
C: (918) 855-0494
E: kyle@kylebradley.com
www.kylebradley.com
With more than 16 years of experience in the mortgage industry, my expertise includes conventional, jumbo, and new construction loans. Whether you’re a first-time buyer or looking to refinance in Tulsa, I can provide personalized advice to ensure a smooth mortgage transaction that closes on time. For any mortgage-related queries, feel free to reach out to me.
Contact Me for Expert Advice
If you’re planning to apply for a mortgage and are looking for expert advice tailored to your specific needs, contact me at (918) 855-0494 or kyle@kylebradley.com. Together, we can make the path to homeownership in Tulsa, OK, a smooth one.