3 Mistakes That Cost People Their Home | Columbia SC

Most people spend more time researching a TV than they do the biggest purchase of their life. Then they call me with the wrong question. In this one, I sit down with Ruth Wiley of ASCEND Lending and we fix that. The question is not "what is my payment on a $275,000 house." The question is "what payment am I comfortable with," and then we work backwards to the price. Two houses at the same price can have very different payments once you add taxes, insurance and HOA - so the price tag is not the number to shop. We also get into the stuff nobody explains well: Escrow, in plain English - the savings account inside your mortgage that holds your taxes and insurance Why your payment went up even though you have a fixed rate (spoiler: it is not your principal and interest) Shopping your homeowners insurance at renewal, and filing for primary residence here in South Carolina Co-signers: the difference between a non-occupying co-borrower and a regular co-borrower, and whether they end up on the deed Why there is no single mortgage for everybody - VA, USDA, FHA, conventional, bank statement loans, DSCR for investors Then Ruth gives the three mistakes that cost people houses: 1. Making money moves without telling your lender - new credit, financed furniture, a new car, big deposits or withdrawals. All of it moves your debt-to-income or your reserves after you are already pre-approved. 2. Shopping the interest rate instead of the payment. You buy when the house fits your life. You can refinance later. 3. Believing you need 20% down and perfect credit. Every loan program has its own minimum. You will not know yours until someone looks. And the one thing we both said twice: if you think you are 12 months out, get pre-approved anyway. If something needs fixing, you want to find it now, not under contract. Want an introduction to Ruth, or a good local insurance agent? Text or call me at (803) 354-8375, or email info@themianoteam.com Alena Miano, REALTOR | eXp Realty | Homes of Columbia Team | SC Lic #116093 Website: https://HomesOfColumbia.info Mortgage guest: Ruth Wiley, Mortgage Loan Officer, ASCEND Lending USA, LLC, NMLS #1845930. This video is general information, not financial, tax or legal advice. Loan programs, rates and guidelines change and approval depends on your own situation. Equal Housing Opportunity. #ColumbiaRealEstate #MovingToColumbiaSC #SCRealEstate #FirstTimeHomeBuyer #MortgageTips #ColumbiaSCHomes