10 Biggest Home Loan Mistakes to Avoid

Buying a home and get the right kind of loan from the Bank is always a difficult task. Why you ask? I think everyone will agree with me if I were to say owning a home is our most important commitment in our lives. If you do not receive adequate funding fact, it can cost you thousands or even tens of thousands of interest-only payments to the Bank.

For investors, the structure of the mortgage properly be even more critical because it can mean the difference between a profit or a loss. This can be the difference between creating a property portfolio generating wealth or never progress beyond the first real estate investment.

Throughout my entire career of 14 years in the mortgage, I have seen many homebuyers who took wrong decisions that cost them mortgages huge sums of money. So how do you ensure that you will end up with the right type of real estate financing that will save you thousands in interest?

Here are the 10 biggest mistakes made by home loan borrowers that I have gathered throughout my career in mortgage financing.
1. Understand the mortgage industry Malaysia

For the past year or two, we have seen many announcements are made by Bank Negara regarding mortgage financing climate change. Many home buyers are still unaware and were taken by surprise on the recent changes. Take, for example, recently when I sold one of my properties that the buyer knew that there is a funding ceiling of 70% of the property of others, after paying bail and went to the bank to learn about financing.
With the new ad on 100% financing with properties costing between RM100, 000 to RM400, 000 to take extra precautions on the loan approval by banks. It is rather hard to numerous requirements that must be met. My advice to those who are under this type of loan is to go to the bank and check the conditions for granting loans before committing to purchase.
For buyers or investors who buy new properties, take the trouble to check the latest additional changes before committing to your purchase.
2. Go for low interest rates

One of the hottest topics when it comes to buying a property is "any bank offering the lowest rate in the city." My philosophy: "The lowest rate of interest does not necessarily save you the most interest. " Why is this so?
What could be considered a bargain can sometimes come with strings attached, by which it is more expensive in some situations or loan offers less flexibility. Always remember to read (no need to have the word "between" because you do not need to read between the lines) prints in your letter of offer loan before signing on the dotted line.
Be very clear about your goals for the loan and do your homework before you go to the Bank for your financing needs. With the objectives, get a home loan that fits your specific needs and goals, and saves you the most interest.
3. Understand formulas Bank loan

There are hundreds of different types of innovative loan packages on the market. Borrowers are often spoiled for choice because there are too many to choose from. Many borrowers do not search on the loan packages and at the end of the day, take packets that are not tailored to their specific needs and goals, their cost of losing large amounts of money in payments interest to the banks.
4. Prequalification of your loan approval

This is the most common mistake many home buyers make. Homebuyers thought that they have no problem getting their loans approved and ignorance often times can lead to the loss of tens of thousands paid in the form of deposits. I have seen this happen several times.
The right approach is to go to the Bank before buying a property and check your credit rating. The loan officer can help to pre-qualify your loan. At least when you pay the deposit house, you pay with confidence.



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