9 Costly Mistakes A Home Loan Borrower Must Avoid
BANGALORE: Home buying steps—Find a home you fell in love with, look for a suitable borrower, secure a loan amount and fulfill your dream. Sounds simple and easy right? Unfortunately, many people make mistakes in the process that prevents them from achieving this simple dream. Though shopping for home is exciting and exhilarating, it is tiring and a bit scary too, especially when it comes to financing. Don’t get lured by the companies who offer home loans with lower interest rates and attractive monthly payments, instead try to understand the risk behind it. Arm yourself with the below mentioned tips to avoid making costly mistakes-
1. Not checking your credit score: While planning to shop for a home loan, the first and the foremost thing is to know your credit score. Some of the things that you keep in mind while checking for you credit scores are too-high balances on certain accounts, clearing offending accounts if any, or few accounts that might be closed but it shows up as open. 
Also, take some time but try to clear up all the issues. Doing this you can increase your credit score which may, in turn, qualify you for a lower interest rate or better loan program. However, a bad credit score can hit your home loan interest rates to several percentage points or leave you without any approval.
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