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Things To know Before Applying For A Mortgage

The four questions that must be asked before taking out a mortgage




Things To Know Before Applying For A Mortgage.



And here we are again at Sweet Blog, the sweetest blog online.

The place to be for all fans of the 'Home Concept.'


Today, we intend to discuss an issue only relevant to a specific group of our sweet community. However, it's an issue that will probably be relevant to most of you sometime later in life - Taking out a mortgage and the questions you have to ask yourself before doing so.


Taking out a mortgage and its long-term implications are some of the most important things you will ever do.

Choosing the right way to conduct this complicated and complex process can be critical for the rest of your adult life.

You must know precisely what you are doing before doing so.

In this article, we have grouped the questions that we believe to be the most critical when deciding whether or not you should take out a mortgage.

Your answers to these questions will help you understand things better. As a result, you will probably be able to make better decisions for yourself and your family.


As always, later in the article, a refreshing infographic presentation and a video summarizing its content will be presented to you.


'Things To Know Before Applying For A Mortgage.'

Hop on!




1. Is This Even The Right Move?


As you probably know, A great debate revolves around the question - Which one is better - Long-term renting or taking a mortgage and buying a house?

On one side of the barricade stand, dozens of grim-faced Financial experts imbued with a sense of self-righteousness, and on the other, more or less the same.

First and foremost, It's important to point out we (or no one else, for that matter) do not pretend to have the objectively right answer to this big question - Because we don't. Like most things in life, as the great philosophers have already claimed - Things tend to be subjective.

With that being said, And with all due respect for things' tendency to be subjective, it does not prevent the very need to ask this question before taking out a mortgage.

Our two cents on the matter are that despite the controversy surrounding the issue, you should try isolating the questions that are most relevant to you personally. It will help you clarify the things that need clarification - Thus enabling you to make the best decisions.






Home productsFirst, choose the right path for you



We genuinely believe there is no one comprehensive, objective answer to the 'buy/rent' dilemma, and it varies from person to person, depending on life circumstances and financial status.

A preliminary understanding of whether this is the right move (For you, at this particular point in your life) is one of the most critical things to know before applying for a mortgage.




2. Can You Handle It?

Are you familiar with the well-known quote about a mortgage?


I'm looking for a bank that can do two things.

Give me a loan, and then leave me alone. 


You must understand in advance that taking out a mortgage is one of the most important things you will do in your adult life, with implications for decades to come.

So, before doing that, you must ask yourself honestly - Are you financially and mentally prepared?

A mortgage is not a walk in the park.

Do you have a stable job/assets/available capital/family support/savings, etc., that will help and support you in this consistent and enormous economic journey/burden?!

Furthermore, it would be best to remember that things tend to be dynamic. And even if you happen to be the most responsible person on earth, you still may encounter many unexpected (personal and environmental) challenges/variables that you cannot be prepared for.




questions before taking out a mortgageMoney speaks louder than words

Do you have the much-needed mental resilience to deal with nerve-racking situations such as money problems, making it difficult with your periodic payment (including 'Sick' interest, of course) to the bank, which threatens to take your home in case of payment delays?!

Please read more here about the mental resilience involved with taking out a mortgage.

If the answer to these questions is 'Yes,' you can move on to the next paragraph. If it's negative, do yourself a favor and stop here.

You cannot handle it.






3. Did You Do Your Homework properly?



A 'Mortgage' is a dynamic/diverse term. There are many types of home equity loans.


Conventional Mortgages.

Fixed-Rate Mortgages.

Adjustable-Rate Mortgages.

FHA Loans.

USDA Loans.

VA Loans.

Jumbo Loans.

And more.


Do yourself a favor and enrich your knowledge regarding essential information in the context of mortgage interest rates. Starting with this one.

In-depth market research with an accurate understanding of your actual capabilities and needs will be nothing less than a game-changer regarding the possible savings in your monthly mortgage payments, which can add up to tens of thousands of dollars.

Refrain from making the well-known rookie mistake of thinking that just because you are looking at a tiny number, its impact is not decisive regarding the final payment you will eventually pay because they are - big time!

Understand that every comma, dot, and tiny number dramatically impacts your monthly payments in the long run. 

The German philosopher Friedrich Nietzsche once said:

Der Teufel stecktim Detail," (Sounds creepy in German. We know...) or when translated, "The devil is in the details.

The bank is no different. Take our word for it.

The more data/information you have, the more you can choose the best loan for your home.


Now you must be asking with some frustration:

'How the hell am I supposed to understand something in these numbers? It's unrelated to my profession, and it's very complicated ?!'


Don't sweat. As always, We've got you covered.


True, you are right. You basically know nothing about these 'cold, hard numbers.' Therefore, We strongly recommend hiring a specialist for mortgage advice.

Even though You will have to pay him at least $ 2,000, a quality mortgage advisor will know how to get the best loan terms. He is already familiar with every trick in the book (even those the banks will try to hide under a pile of complicated text), and with the help of which, You'll probably save ten times the amount you would have paid if you hadn't hired one.


Finding a kickass mortgage advisor is one of the most critical things to know before applying for a mortgage.

Do yourself a favor, and don't be stingy where you shouldn't be.

And by the way, this one will do wonders for you if you also need additional guidance in dealing wisely with professionals of all kinds. Mortgage advisors are no different.







Home productsKnowledge is power. Remember that!

So, do you have a good mortgage adviser you fully trust?

If the answer is 'hell yeah,' you may proceed to the next paragraph.



4. Do You Have The Right Partner?


The American writer H. Jackson Brown Jr. once said:

Marry the right person. This one decision will determine 90% of your happiness or misery


Look, Sweet Blog is not a blog about relationships or family but rather one that deals (hopefully ideally) with 'Home-design' matters alone. But occasionally, an interface point emerges between home affairs (mortgage) and relationship matters (the right partner to walk with him to such a significant commitment as a mortgage).

We have no intention of advising you on relationship matters, mainly since this is not our field of expertise. But with that being said, before taking out a (joint?) mortgage, You have to ask yourself, is this the person you see yourself living with for the rest of your life?

Indeed, it's impossible to provide a decisive answer to this type of question mainly because things/times, as do your relationships, tend to dynamically change. But still, the fundamental question you must answer for yourself is - Are you serious enough about this particular person?

Please check out this excellent Forbes article regarding the considerations required by couples before their marriage concerning the issue of buying a house.

We don't mean to be party-wreckers, but you probably know that not everything is always happy and shiny, and divorce rates are sky-high these days. And sometimes things can get bad very quickly.

Don't get us wrong. We have no intention of stressing you out. Just make sure you are aware and ready for any scenario.

The person with whom you are stepping together into the home loan market must be (at least potentially) an integral part of your future life plans.



Home productsBe aware of the wide range of options




Infographic for Things To know Before Applying For A Mortgage



We hope this article- "Things To Know Before Applying For A Mortgage -" has assisted you to some extent in your efforts to understand this issue better. And if you have any more questions on the matter, please feel free to reach out.



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