The Top 5 Mortgage Mistakes to Avoid
Buying a home can be an exciting and rewarding experience, but it can also be a daunting and overwhelming process, especially for first-time homebuyers.
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Mortgages are a significant financial commitment, and making mistakes during the process can have serious consequences. In this blog post, we'll explore the top 5 mortgage mistakes to avoid.
1. Failing to Check and Improve Your
Credit Score
Your credit score plays a significant role in determining your eligibility for a mortgage and the interest rate you'll receive. Many first-time homebuyers make the mistake of failing to check their credit score or not taking steps to improve it before applying for a mortgage.
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To avoid this mistake, check your credit score and take steps to improve it if necessary. This may include paying off outstanding debts, making on-time payments, and disputing any errors on your credit report. A higher credit score can lead to a lower interest rate and a more favorable mortgage offer.
2. Ignoring
Closing Costs
Another common mistake is ignoring closing costs. Many first-time homebuyers are unaware of the various fees associated with closing a mortgage, such as attorney fees, title search fees, and appraisal fees. These costs can add up quickly and significantly impact the total cost of the mortgage.
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To avoid this mistake, research the average closing costs in your area and budget accordingly. Be sure to factor in these costs when considering the overall cost of the home.
2. Ignoring Closing Costs
Another common mistake is ignoring closing costs. Many first-time homebuyers are unaware of the various fees associated with closing a mortgage, such as attorney fees, title search fees, and appraisal fees. These costs can add up quickly and significantly impact the total cost of the mortgage.
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To avoid this mistake, research the average closing costs in your area and budget accordingly. Be sure to factor in these costs when considering the overall cost of the home.
3. Not Getting Pre-Approved
Getting pre-approved for a mortgage is an essential step in the home buying process. Pre-approval gives you a clear idea of how much you can afford to spend on a home and helps you avoid the disappointment of falling in love with a home you can't afford.
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To avoid this mistake, get pre-approved for a mortgage before you start shopping for a home. This will help you narrow down your search to homes that are within your budget and prevent you from wasting time on homes that are out of reach.
4. Taking on Too Much Debt
Taking on too much debt before or during the mortgage process can have serious consequences. Lenders look at your debt-to-income ratio when determining your eligibility for a mortgage. If you have too much debt, you may not qualify for a mortgage or may be offered a higher interest rate.
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To avoid this mistake, avoid taking on new debt before or during the mortgage process. This includes opening new credit cards, taking out a car loan, or making large purchases on existing credit cards.
4. Taking on Too
Much Debt
Taking on too much debt before or during the mortgage process can have serious consequences. Lenders look at your debt-to-income ratio when determining your eligibility for a mortgage. If you have too much debt, you may not qualify for a mortgage or may be offered a higher interest rate.
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To avoid this mistake, avoid taking on new debt before or during the mortgage process. This includes opening new credit cards, taking out a car loan, or making large purchases on existing credit cards.
5. Choosing the Wrong Mortgage
Choosing the wrong mortgage can be a costly mistake. There are various types of mortgages available, and each has its pros and cons. Choosing the wrong mortgage can lead to higher interest rates, higher monthly payments, and a more significant financial burden in the long run.
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To avoid this mistake, research the different types of mortgages available and choose the one that best fits your financial situation and goals. Don't be afraid to ask your lender questions and seek advice from a financial advisor.
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Kroger and Albertsons to Divest Additional Stores!
Kroger and Albertsons to Divest Additional Stores!
Update on $25 Billion Merger
In a bid to address regulatory concerns surrounding their $25 billion merger, retail giants Kroger and Albertsons have announced an expansion of the number of stores they plan to divest. Originally, the agreement with C&S Wholesale Grocers in September involved the sale of 413 stores. However, the latest development sees this number increase to 579, marking a significant adjustment.
The additional stores included in the divestiture list are primarily located in Arizona, Colorado, and Illinois. Arizona will see the transfer of 101 stores, a substantial increase from the initial 24. Similarly, Colorado's divested stores will rise to 91 from 52, and Illinois will double its divested stores to 35.
This amended divestiture deal, now valued at nearly $3 billion in an all-cash transaction with C&S, encompasses stores under various banners, including Haggen, QFC, Mariano’s, and Carrs. Moreover, C&S will license the Albertsons banner in California and Wyoming and the Safeway banner in Arizona and Colorado under the updated package.
Kroger CEO Rodney McMullen emphasized that this updated plan directly addresses concerns raised by federal and state antitrust regulators. He reiterated the commitment to ensuring that no stores close due to the merger and that all frontline associates remain employed, along with the continuation of existing collective bargaining agreements. McMullen also highlighted the potential benefits of the merger, such as lower prices and increased choices for customers, while securing the long-term future of unionized grocery jobs.
However, the merger faced opposition from the Federal Trade Commission (FTC), eight states, and Washington DC. The lawsuit filed by the FTC argued that the merger would lead to higher grocery prices and lower wages for workers. There were also concerns about whether the stores sold to C&S would constitute viable competition against the merged Kroger and Albertsons entity.
Eric Winn, CEO of C&S, expressed confidence in the expanded divestiture package, affirming that it would provide the necessary resources and expertise to ensure the continued success of the divested stores in serving their communities for generations to come.
Kroger further clarified that all fuel centers and pharmacies associated with the divested stores would remain operational under the new ownership. Additionally, the company stated its commitment to providing corporate and office infrastructure support to C&S to facilitate the competitive and cohesive operation of the divested stores.
The latest developments in the Kroger-Albertsons merger saga underscore the complexities and regulatory scrutiny involved in such large-scale corporate transactions within the retail sector. As the parties navigate these challenges, the fate of hundreds of stores and the livelihoods of thousands of workers hang in the balance.
Should you need an experienced Commercial Real Estate Mortgage Broker, please feel free to contact me at 281-222-0433.
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Copyright ©2021 | Mortgage Viking Team
Licensed to Do Business | NMLS # 228246
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | Medallion Funds
Corporate | NMLS ID NMLS # 1825831
Corporate Address : 11920 Southern Highlands Parkway, Suite 302, Las Vegas, NV 89141
Corporate NMLS NMLS # 1825831 | Company Website: https://medallionfunds.com/bill-rapp/
Copyright ©2021 | Mortgage Viking Team Licensed to Do Business | NMLS # 228246
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply
Corporate | NMLS ID NMLS # 1825831
Corporate Address : 11920 Southern Highlands Parkway, Suite 302, Las Vegas, NV 89141 https://medallionfunds.com/bill-rapp/