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Broker License# 51696

Buying a new home is one of the biggest (and best!) investments you'll ever make. At Sage Capital Mortgage, we want to help make your home buying experience a great one. That is why we want to help you avoid mistakes new homebuyers make.

Number One Blunder: Not supplying all or correct information.

Your real estate agent is on your side and the information you provide is critical to getting the house you want. Often buyers withhold information for a variety of reasins such as:



Your Realtor is representing your best interests and has a fiduciary responsibility to do so.

Number Two Blunder: Altering Financial Status Prior to Closing

The minute you decide to buy a new house, you should consider putting off any high dollar purchase like buying a car or a big screen TV. If your credit and financial situation at the time you qualify for a loan changes before you buy the house, the amount you qualify for will change too.

To get the best rate, keep your debt and expenses low. Do not buy anything on credit and/or with a credit card once you have completed a loan application. Do NOT buy:



Slight alterations in your credit ratios could cause a lender to throw out your loan and deny it. If your loan contingency has expired or been removed, you could forfeit your earnest money deposit in addition to losing the home.

Number Three Blunder: Buying the Wrong House

Buying a house is an exciting time and often a home buyer gets caught up in the excitement! The very first thing home buyers should do is make a list of priorities and "must haves" with your new home. Figure out what features and benefits are most important and which you can live without. Befor eyou make an offer, review this list. It's easy to overlook a major factor that could come back to haunt you later.

Number Four Blunder: Looking without Being Pre-Approved

As a potential buyer competing for a property, you'll have a better chance of getting your offer accepted by being as prepared as possible. Consider this heirarchy of prepardness.

Pre-Qualified
This buyer has met with a mortgage broker (or lender) and discussed their situation. The buyer has informed the broker regarding their income, expenses, assets, and liabilities. The broker may also have seen their credit report. The buyer provided you with a letter from the broker stating an opinion of what the buyer can afford.

Pre-approved
Once a buyer has provided a broker written evidence of income, expenses, assets, liabilities, and credit and all information has been verified by a lender, the pre-approval process is easy. As a result, much of the paperwork for this buyer's loan has been completed. You, as the buyer will probably be able to close quickly. You will then get a letter (pre-approval certificate) from the lender that tells a realtor you are a buyer can close on a house.

Number Five Blunder: Choosing a Lender Based on Rates

While the rate is important, consider the total cost of your loan including the APR , loan fees, discount, and origination points. When receiving a quote from a lender or broker, insist that the discount points (charged by the lender to reduce the interest rate) be distinguished from the origination points (charged for services rendered in originating the loan).

The cost of the mortgage, however, shouldn't be your only criterion. Have confidence that the company you select is reputable and will deliver the loan with the terms and costs they promised.