When buying or refinancing a house, you will want to avoid common mistakes. If you can do so, you will save money and help your cause greatly. With this in mind, here are the top four common mistakes to avoid when you want to buy or refinance a house.

Mistake 1: Not Understanding Rates

First and foremost, when you borrow tens of thousands of dollars, you will want to know as much about rates as possible. At Benchmark, your mortgage professional will help you do so by reviewing your credit score and letting you know exactly where you stand. They explain what the current rates are and help determine which loan product will best fit your financial needs. This will allow you the opportunity to learn how your monthly payment can change drastically by knowing how the rates and loan products work.

Mistake 2: Ordering Your Own Appraisal

Now, if you are refinancing your property, don’t think that in addition to a Benchmark Appraisal you are required to independently verify the value of your house. Benchmark’s Appraiser Panel is staffed with many of the local appraisers found in your area. At Benchmark, we ensure that you receive top quality appraisal reports so that there is no struggle to enjoy the lowest rate when you refinance your home.

Mistake 3: Looking At Entire Costs

All-too-often, a buyer or homeowner will forget to look at other costs associated with the loan. Sadly, they can add up quickly and leave you with thousands of dollars of fees added on to the loan. To avoid this, look at the paperwork and ask questions with your Benchmark Mortgage professional. If you feel it contains inaccurate information, speak up. Your Benchmark Mortgage professional will help ease your concerns and answer any questions you may have. We understand that wasting money on closing costs and other fees is the last thing you want to do so we are here to help assist you every step of the way.

Mistake 4: Not Fixing Credit

Finally, when buying a house or refinancing, you will want to clean up your credit and pay off old debts. If you don’t, you may not qualify for the lowest rates possible. For example, if you have a score of under 650, you may end up paying more than a person with a score above 750. So be sure to pay off any old debts, fix any errors on your report and catch up on any late payments. Otherwise, you may end up paying a higher interest rate.

With these four simple tips, you can ensure your refinance or house purchase goes smoothly the first time around. Remember, you need to protect yourself and avoid common pitfalls others make. When doing so, you will save money and speed up the process.