The process of buying a home is one that requires meticulous foot placement, which means that any missteps or mistakes may lead you down a nasty rabbit hole.

A process is a series of actions or steps taken to achieve a higher goal–all of which must be completed to a certain level of success. Buying a home is a lot like buying groceries, but not for the reasons you may think. The process of groceries goes thusly: writing a grocery list, finding your keys, starting your car, driving to the grocery store, finding all of your items, waiting in line, paying, driving back home, and putting away the groceries. A complicated process that relies on each step.

Here are a few mortgage mistakes to avoid while you are in the process.

Mistake #1: Finding your home without understanding your credit score. 
The costliest mistake a homeowner can make is to find a home that you really like without being pre-approved. Always–we repeat–always get pre-approved before you start your search.
Once you are pre-approved, your offer will be taken more seriously.
You also run the risk of getting attached to a home, with which you have no financial business, and getting disappointed.

Mistake #2: Not considering your life (spending habits and expenses).
Lenders need to know a few things about you before they approve your application. They need to understand your debt-to-income ratio, or the amount of debt you pay monthly over your total monthly income. Your disposable income is generally overlooked by lenders, but it shouldn’t be by you.
Two people can have the same debt-to-income ratio but live very different lives with their disposable income. Don’t become “mortgage poor,” an affliction in which one can afford their mortgage, but only at the cost of something they enjoy.

The success of the process is up to you; make sure you avoid these mistakes. For all of your home loan needs throughout Solana Beach and San Diego County, as well as all of California, contact Elvin Wesley at Ranch & Coast Mortgage Group Inc.