We can pick apart mortgage articles because they are normally never written by mortgage professionals so they are riddled with misleading or inaccurate information.
This one is pretty good, but we’d like to add a couple things:
1. Credit: get help with increasing your credit score. Credit is complicated and you will be surprised at what can improve it…it isn’t always paying off debt. A mortgage professional can help you with this. When asking a mortgage professional it’s a great way to see who wants to help you versus who just wants to just transact your loan.
2. Quotes: 90% of mortgages quotes should fall very close to each other. Be wary of anything too good to be true, because it usually is. P.S – never take an online quote seriously. The majority of online quotes are marketing ploys. You need to talk to a person for legitimacy.
3. Pre-approvals: they WILL look at your tax returns. If they don’t you haven’t been pre-approved.
4. Down Payment: you can also get a 2nd mortgage instead of PMI. It’s a good option to look at since PMI has income limitations for tax write off purposes and 2nd mortgage interest doesn’t.