The Top 5 Mortgage Mistakes to Avoid
Buying a home can be an exciting and rewarding experience, but it can also be a daunting and overwhelming process, especially for first-time homebuyers.
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Mortgages are a significant financial commitment, and making mistakes during the process can have serious consequences. In this blog post, we'll explore the top 5 mortgage mistakes to avoid.
1. Failing to Check and Improve Your
Credit Score
Your credit score plays a significant role in determining your eligibility for a mortgage and the interest rate you'll receive. Many first-time homebuyers make the mistake of failing to check their credit score or not taking steps to improve it before applying for a mortgage.
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To avoid this mistake, check your credit score and take steps to improve it if necessary. This may include paying off outstanding debts, making on-time payments, and disputing any errors on your credit report. A higher credit score can lead to a lower interest rate and a more favorable mortgage offer.
2. Ignoring
Closing Costs
Another common mistake is ignoring closing costs. Many first-time homebuyers are unaware of the various fees associated with closing a mortgage, such as attorney fees, title search fees, and appraisal fees. These costs can add up quickly and significantly impact the total cost of the mortgage.
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To avoid this mistake, research the average closing costs in your area and budget accordingly. Be sure to factor in these costs when considering the overall cost of the home.
2. Ignoring Closing Costs
Another common mistake is ignoring closing costs. Many first-time homebuyers are unaware of the various fees associated with closing a mortgage, such as attorney fees, title search fees, and appraisal fees. These costs can add up quickly and significantly impact the total cost of the mortgage.
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To avoid this mistake, research the average closing costs in your area and budget accordingly. Be sure to factor in these costs when considering the overall cost of the home.
3. Not Getting Pre-Approved
Getting pre-approved for a mortgage is an essential step in the home buying process. Pre-approval gives you a clear idea of how much you can afford to spend on a home and helps you avoid the disappointment of falling in love with a home you can't afford.
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To avoid this mistake, get pre-approved for a mortgage before you start shopping for a home. This will help you narrow down your search to homes that are within your budget and prevent you from wasting time on homes that are out of reach.
4. Taking on Too Much Debt
Taking on too much debt before or during the mortgage process can have serious consequences. Lenders look at your debt-to-income ratio when determining your eligibility for a mortgage. If you have too much debt, you may not qualify for a mortgage or may be offered a higher interest rate.
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To avoid this mistake, avoid taking on new debt before or during the mortgage process. This includes opening new credit cards, taking out a car loan, or making large purchases on existing credit cards.
4. Taking on Too
Much Debt
Taking on too much debt before or during the mortgage process can have serious consequences. Lenders look at your debt-to-income ratio when determining your eligibility for a mortgage. If you have too much debt, you may not qualify for a mortgage or may be offered a higher interest rate.
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To avoid this mistake, avoid taking on new debt before or during the mortgage process. This includes opening new credit cards, taking out a car loan, or making large purchases on existing credit cards.
5. Choosing the Wrong Mortgage
Choosing the wrong mortgage can be a costly mistake. There are various types of mortgages available, and each has its pros and cons. Choosing the wrong mortgage can lead to higher interest rates, higher monthly payments, and a more significant financial burden in the long run.
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To avoid this mistake, research the different types of mortgages available and choose the one that best fits your financial situation and goals. Don't be afraid to ask your lender questions and seek advice from a financial advisor.
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🏡 CRE Investors Are Back! Multifamily Deals Are Heating Up In 2025 🔥💰
Multifamily Investors Are Back: 2025 Could Be A Game-Changer For CRE 🚀🏢
After two years of cautious waiting, multifamily investors are ready to dive back into the market. According to a new Berkadia survey, a staggering 83% of investors plan to acquire properties in 2025, signaling a resurgence in deal-making after years of high interest rates and market stagnation.
But what’s driving this shift? Let’s break it down.
📊 The Return of Multifamily Investment
For the past two years, multifamily investment activity slowed dramatically as rising interest rates and pricing uncertainty kept buyers on the sidelines. However, that’s changing fast:
83% of investors plan to buy in 2025, while only 2% plan to downsize their portfolios.
Debt costs remain a hurdle, with 93% of investors citing financing challenges, but capital is still available.
The 10-year Treasury yield recently dipped to 4.2%, and a further drop below 4.25% could unlock even more transactions.
💡 Translation? Investors aren’t waiting anymore—money is ready to move.
💰 Where The Smart Money Is Going
Not all properties are created equal, and investors have clear preferences on where they see the best opportunities:
🏢 Core-Plus Assets (43%) – These properties, offering stable income with some growth potential, are the top choice for most investors.
🔨 Value-Add Deals (30%) – Many see the highest upside in renovation and repositioning projects.
🌍 Regional Focus – The Southeast remains the top choice, followed by the Midwest, which is gaining traction after being largely ignored during the pandemic.
📉 The West and Central regions? Not as attractive right now.
🏗️ What’s Happening With Multifamily Development?
It’s not just investors making moves—developers are also ramping up.
In Houston’s Lake Houston submarket, nearly 1,840 units are either under construction or proposed, showing confidence in demand.
🔹 Recent Openings:
Bluewater at Balmoral – 92 units
Eleve – 322 units
The Residences at Kingwood – 289 units
🔹 Under Construction:
The Oaks – 357 units (ready by 2025)
The Residences at Kingwood East – 181 units
🔹 Proposed Developments:
Evolve Kingwood – 300 units
Generation Park II & III – 500+ units combined
The Grove II – 340 units
💡 Developers and investors alike are positioning themselves for an active 2025.
💡 Why This Matters For CRE
Multifamily real estate is entering a new growth cycle, and with debt markets stabilizing, investors are seizing opportunities. Here’s what to watch:
✅ Sellers are accepting lower valuations, closing the price gap with buyers.
✅ The 10-year Treasury yield remains a key trigger—if it stays below 4.25%, expect even more transactions.
✅ More than 50% of investors expect the market to improve significantly by 2026.
🚀 The Bottom Line: 2025 Will Be A Year Of Action
If you’ve been waiting for the right time to jump into multifamily investment, 2025 might be your best window of opportunity.
Are you ready to explore the best deals in the market? Let’s connect and discuss how you can position yourself for success in this new multifamily boom.
Looking to buy, sell, or finance commercial real estate?
Work with an experienced Commercial Real Estate & Mortgage Broker you can trust!
Call me at 281-222-0433 today!
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Copyright ©2021 | Mortgage Viking Team
Licensed to Do Business | NMLS # 228246
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | Medallion Funds
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Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014
Corporate NMLS NMLS # 1825831 | Company Website: https://medallionfunds.com/bill-rapp/
Copyright ©2021 | Mortgage Viking Team Licensed to Do Business | NMLS # 228246
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply
Corporate | NMLS ID NMLS # 1825831
Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014 https://medallionfunds.com/bill-rapp/