Mortgages can be tricky, and it's easy to make mistakes that can end up costing you dearly. That's why we've put together this list of Mortgage Do's and Do not's to help you navigate the process with ease - and a little bit of humor.
DO: Shop around for the best mortgage rates
DON'T: Assume your bank will give you the best rate just because you have a checking account there. Remember, loyalty is a two-way street.
DO: Have a budget in mind
DON'T: Get in over your head. Just because you can technically afford a million-dollar mansion doesn't mean you should buy one. You don't want to be house-poor and unable to afford groceries.
DO: Get pre-approved before house-hunting
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DON'T: Assume you'll be approved for a mortgage just because you have good credit. Pre-approval is important because it gives you a better idea of how much house you can afford and shows sellers that you're serious.
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DO: Consider your future plans
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DON'T: Assume you'll live in your new house forever. Life happens, and you may need to sell sooner than you think. Make sure you're not getting into a mortgage that you can't realistically afford if you need to move in a few years.
DO: Get pre-approved before house-hunting
.
DON'T: Assume you'll be approved for a mortgage just because you have good credit. Pre-approval is important because it gives you a better idea of how much house you can afford and shows sellers that you're serious.
.
DO: Consider your future plans
.
DON'T: Assume you'll live in your new house forever. Life happens, and you may need to sell sooner than you think. Make sure you're not getting into a mortgage that you can't realistically afford if you need to move in a few years.
DO: Read the fine print
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DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.
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DO: Be prepared for unexpected expenses
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DON'T: Assume everything will go smoothly. There may be unforeseen expenses, like a leaky roof or a broken furnace, that can quickly drain your savings. Be sure to budget for these types of surprises.
DO: Read the fine print
.
DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.
.
DO: Be prepared for unexpected expenses
.
DON'T: Assume everything will go smoothly. There may be unforeseen expenses, like a leaky roof or a broken furnace, that can quickly drain your savings. Be sure to budget for these types of surprises.
DO: Have a good sense of humor
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DON'T: Take everything too seriously. Yes, buying a house and getting a mortgage can be stressful, but try to find the humor in the situation. After all, laughter is the best medicine for a stressful day.
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By following these Mortgage Do's and Do not's, you'll be well on your way to successfully navigating the mortgage process - with a smile on your face. Good luck, and happy house hunting!
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Waiting for the End of Extend-and-Pretend!
In the realm of commercial real estate, it seems like the mantra has become "wait and see." The landscape is characterized by a series of delays, uncertainties, and a looming sense of apprehension. From the Federal Reserve's hesitation over rate cuts to the reluctance of property owners to refinance in a high-interest environment, the industry is caught in a state of extended anticipation.
The concept of "extend-and-pretend" has taken hold as loans reaching maturity are granted short-term extensions, buying time in the hope of more favorable conditions. However, this delay tactic is only exacerbating the underlying issues. Recent reports reveal alarming figures: $214 billion in loans that should have matured in 2023 remain unresolved, with an estimated $870 billion set to come due in 2024.
Research from sources like MSCI Real Assets and Autonomous highlights the severity of the situation, with a significant portion of bank CRE loans maturing this year being holdovers from the previous year. Banks are bracing for impact, reserving far more than usual in anticipation of potential losses.
But this cycle of extensions is not sustainable. History serves as a cautionary tale, reminding us that deferring problems often leads to compounded consequences. Past financial crises, from inflation in the '60s and '70s to the Savings & Loan disaster and the more recent Global Financial Crisis, underscore the perils of procrastination.
Even the recent disruptions caused by the pandemic exposed the fragility of the global supply chain and the vulnerability of markets to inflationary pressures. Yet, the response was delayed, exacerbating the eventual consequences.
Already, signs of distress are evident in commercial real estate markets. Property prices are declining, cap rates are rising, and many investors find themselves overleveraged and unprepared for the current downturn.
Calls for decisive action are growing louder. While facing the reality of declining prices and potential losses may be painful in the short term, the alternative waiting for conditions to miraculously improve risks triggering a catastrophic cascade of failures.
Inaction now could result in a far more challenging recovery down the line. It's time for stakeholders in commercial real estate to acknowledge the severity of the situation and take the necessary steps to mitigate the looming crisis before it's too late.
Should you need an experienced Commercial Mortgage Broker, please feel free to contact me at 281-222-0433.
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Buying your first home can be both exciting and nerve-wracking at the same time. With so many things to consider and....
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