Mortgage Mistakes & How to Avoid Them

You can leverage yourself too much and prepare too little. Terms can be misjudged and credit can be over estimated. Whether you have a PHd or you are a laborer, the mortgage process can be daunting and most people don’t understand the actual process. Lenders allow a 45% debt to income ratio on some programs.  So instead of going to the edge of affordability, consider limiting your housing budget to 35% of your total gross income. Before you apply, make sure you have taken the following steps. 1. Investigate & Fix Credit History 2. Look into 1st time homebuyer programs  3. Get Approved—meet the loan originator in person 4. Research loan programs available to you 5. Plan for closing costs & down payment & reserves, 6. Discuss potential tax implications & interest deductibility with CPA 7. Prepare the paperwork necessary to qualify 8. Develop a realistic budget 9. Communicate with everyone 10.Follow up & follow through fequently throughput the process.

Meet Cheryl!

About Cheryl

As a successful business owner and community leader, Cheryl Braunschweiger is known and respected for getting things done with a degree of skill and enthusiasm that bring out the best in those around her - colleagues, clients and friends. The name of her business, ALMC Mortgage, reflects Cheryl's philosophy and personality. She says it stands for All Loans Must Close –a reflection of her determination to do whatever it takes to serve her clients. Cheryl has been in the mortgage lending business for 20 years. Read More About Cheryl
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