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Spooky Tales of Mortgage Mishaps and How to Avoid Them! Main Photo

Spooky Tales of Mortgage Mishaps and How to Avoid Them!

Posted: October 18, 2023 by Esteban Rivera

Mortgage Nightmares: Don't Let Them Haunt Your Homeownership Journey!

Owning a home is a dream for many, but the path to homeownership can sometimes feel like a haunted maze filled with mortgage nightmares. This Halloween season, we're sharing some spine-chilling stories of mortgage mishaps and how you can avoid becoming the next victim.

The Tale of the Missed Payments:
Meet Sarah, who missed a couple of mortgage payments and found herself facing foreclosure. The lesson? Always set up automatic payments or calendar reminders to ensure you never miss a due date.

The Phantom Fees:
John thought he had scored a great mortgage deal, only to be haunted by unexpected fees that weren't clearly disclosed. Always read the fine print and consult with your mortgage advisor to understand all costs involved.

The Loan Scam Specter:
Emily was lured by a too-good-to-be-true mortgage offer and ended up falling prey to a loan scam. Protect yourself by verifying the credentials of your mortgage lender and seeking recommendations from trusted sources.

How to Exorcise These Mortgage Demons:

  1.      1. Keep a close eye on your credit score. 
  2.      2. Consult multiple lenders to compare offers. 
  3.      3. Have an emergency fund to cover at least three months of mortgage payments.

Also, once you start the journey to home ownership don't open any new lines of credit, don't charge large amounts to your current credit cards, and follow the instructions from your mortgage lender/broker. Doing these things or not following your mortgage professional recommendations could put you in a situation where you no longer qualify for the loan and killing your chances of purchasing the home you wanted.

By taking these precautionary steps, you can navigate the mortgage maze without any ghoulish surprises. May your homeownership journey be more treat than trick!

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