The following excerpt from the Consumer Financial Protection Bureau’s Home Loan Toolkit notes some of the common pitfalls homeowners should avoid during the mortgage process. The complete toolkit, including financial worksheets and valuable tips, isavailable as a download (in PDF).
Don’t sign documents when important details are left blank or documents you don’t understand.
You are agreeing to repay a substantial amount of money over an extended period of time. Make sure you know what you are getting into and protect yourself from fraud.
Don’t assume you are on your own either. HUD-approved housing counselors can help you navigate the process and find programs available to help first-time homebuyers. You can find a HUD-approved housing counselor in your area atconsumerfinance.gov/find-a-housing-counseloror call HUD’s interactive voice system at (800) 569-4287.
Don’t take on more mortgage than you want or can afford.
Make certain that you want the loan that you are requesting and that you are in a position to live up to your end of the bargain. Don’t count on refinancing, and don’t take out a loan if you already know you will have to change it later.
If you are not comfortable with the loan offered to you, ask your lender if there is another option that works for you. Keep looking until you find the right loan for your situation.
Don’t fudge numbers or documents.
You are responsible for an accurate and truthful application. Be upfront about your situation. Mortgage fraud is a serious offense.
Don’t hide important financial information.
Hiding negative information may delay or derail your loan application.
The Consumer Financial Protection Bureau is a federal agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. Have a question about a common consumer financial product or problem? You can find answers by visiting consumerfinance.gov/askcfpb.
Author:Tami Pocevic Phone: 941-408-0600 Dated: April 6th 2016 Views: 178 About Tami: Tami has been a licensed real estate agent for over 12 years. She currently resides in Venice and e...
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About Keller Williams Realty Gold-The VeniceTami Team
Keller Williams Realty Gold-The VeniceTami Team. Tami Pocevic has been a Real Estate agent in Venice for over 11 years, with over $17MM in production over the past 12 months. I am in the top 2% of agents in both the Englewood Board of Realtors, and the Venice Board of Realtors consistently, year after year. Our team of Administrative Assistant, Marketing and Tech Administrator and 3 Buyer’s Specialists ensure a smooth transaction for you.Tami Pocevic Broker-Associate Realtor -
This weekend there will be 166 Open Houses across Sarasota County, if
"Tami and Michelle were very helpful in the difficult processes of selling my Mother-In-Laws home. We were looking for someone aggressive and that is what we got, I was impressed with Tami from the phone! She was great in setting up getting the house "show ready" as we had to go back to Michigan and leave the details to her and Michelle, we were not disappointed. We asked for a few pictures to be moved around on Zillow and Michelle took care of it right away. I liked how the team worked together to take care of all our needs. (We had a few) I would highly recommend Tami and her team and am confident they will take great care of you, just as they did us. "