1. Protect your credit score.
2. Beware of offers that sound too good to be true – they probably are.
3. Become an educated consumer. Call Mary Beth Harrison, who is Certified Distressed Property Expert, about predatory lending practices – what they mean and how to keep from being a victim.
4. Don’t buy more house than you can afford right now.
5. Think twice about non-traditional loans, such as interest-only and adjustable-rate mortgages (ARMs). Fixed-rate mortgages are just that – fixed.
6. When purchasing a new home, look beyond the monthly mortgage. Other costs to consider include property taxes, homeowner’s insurance, utilities, maintenance, and, depending on the neighborhood, homeowners’ association fees.
7. Don’t sign a blank document or anything you don’t understand.
8. Know and understand the terms of your mortgage.
9. Don’t let anyone persuade you to “pad” your income to qualify for a loan.
10. If you’re having trouble making your monthly mortgage payment, don’t hide from your lender. Work with your mortgage lender to find out what your options are.
11. Work with The Harrison Group to find a reputable lender and a loan product that works for you.
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