Avoid Making These Mistakes When Applying for a Mortgage

When purchasing a new home it can be easy to be swept up in the joys of home ownership, particularly if you are a first time homeowner. Owning a home can upgrade your lifestyle and give you a sense of accomplishment; and with all that in mind many rush through the mortgage application process.

 While this is an exciting time it is important to take your time and realize that things done in a rush could slow your mortgage application process down. It is important to consider some missteps before you begin your application process that could possibly delay your application review, or even get you declined by a lender.

1.       Fail to Get Pre-approved

Buying a home is the largest purchase most will make in their lives, and before making any large purchase it is always wise to prepare. The best way to prepare when looking for a home is to get pre-approved to see if you even qualify for mortgage financing.

2.       Altering Your Credit Behavior 

Some believe if you pay off all of your bills on time, that makes it ok to use a large chunk of your credit. Too much credit is bad for your credit score and mortgage approval, because it seems to the lender that you rely on borrowing money. 

3.        Overlooking the Fine Print

Many are very eager to apply for a mortgage when they have not fully researched it, and end up being approved for a mortgage they really didn't want. Rushing when applying for a subprime mortgage is a major waste of time for both you and your lender.

4.       Bending the Truth

It may not seem like a big deal if you embellish about things like income, or credit score on a mortgage application, but in these post financial crisis days it can really hurt you. Nowadays lenders can find just about anything in your financial past, so it’s a good idea to be completely truthful.  


EMERGE INSURANCE AGENCY
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How Does An Equity Affect Your Credit Score?

Many people believe that every inquiry affects a credit score however, that is not the case.  Don’t be fooled, certain types of inquiries do affect your credit score. To help keep a good score it is important to know what credit inquiries make an impact, and which ones do not.

The most often inquiry that will not affect your credit report is a soft inquiry. These inquires have nothing to do with a consumer’s attempt to get credit, and are not harmful to the report at all. Things like credit checks made by potential employers are examples of soft inquiries.

A hard inquiry is used if a person is attempting to get a loan, and it does have an effect on a person’s credit report. This information can be seen in the future by a bank, or any other lender. Whenever a person applies for a mortgage, car loan or credit card they are considered hard inquiries, or an attempt at a loan. Problems can arise if a person attempts a large amount of hard inquiries in a short amount of time. Lenders may think that the consumer is trying to obtain as much credit as possible.

In order to avoid excessive hard inquiries on your credit report it is a good idea for you to run your own credit report to see where you stand before trying to obtain a credit card or loan. It is also a good idea to wait awhile if you are turned down for a credit card before you attempt again.

EMERGE INSURANCE AGENCY
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How to Change a Tire

For most drivers changing a tire is a first time experience, or one that doesn't occur often.
Whether changing a tire for the first time, or as a refresher, here is advice from experts at one of the quality auto insurance companies we represent.

EMERGE INSURANCE AGENCY
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Top Eight Mistakes People Make While Towing

The idea of hauling something huge behind your truck or SUV may sound like a fun adventure, but for those who aren't familiar with the complexities of towing, it can actually be pretty intimidating! According to Complete Trailers LLC, there are eight common mistakes people make while towing. To avoid costly damages, read this list before you hitch and go:

1.     Overworking Your Engine

The number one mistake people make is overworking their tow vehicle. Overextending your vehicle can start a landslide of engine problems. This mistake could lead to a meltdown on the side of the road and potentially require a brand new transmission.

To avoid this, keep an eye on your pressure, temperature gauges, and exhaust gas temperature gauges.

THERE ARE EIGHT COMMON MISTAKES PEOPLE MAKE WHILE TOWING. TO AVOID COSTLY DAMAGES, READ THIS LIST BEFORE YOU HITCH AND GO.

2.     Wrong Weight Distribution Bars

If you don't have your weight distribution bars set up right, you're bound to have your vehicle and trailer bouncing from each other. Your ride will be bumpier than usual and the hitch and frame can be damaged from this too.

And when it comes to weight distribution bars, bigger is not better. The bars with chains are tunable and come in various strengths and weights. If you properly load the correct bar size, they'll be parallel to the trailer's frame.

3.     Not Checking or Maintaining Brakes

Brakes are the most essential and most overlooked safety system.

Trailer brakes don't self-adjust like the brakes on your tow vehicle. In fact, they must be manually adjusted by you. Additionally, trailer brakes wear out just like any other brake does, so be sure to check for wear and tear regularly.

4.     Poorly Loaded Vehicles
It's crucial for safety and damage prevention to always put a balanced load on your trailer. Read up on weight restrictions and follow them closely because if you don't, your tow vehicle won't last very long.

5.     Wrong Ball/Ball Mount
Make sure that you have the right ball and mount for your trailer. There are three different sizes of balls: 1 7/8 inches, 2 inches, and 2 5/16 inches — each with a different weight rating. Using the wrong mount or ball will pitch your trailer up or down on your axles and it also puts extra stress on your brakes and tires, which eventually reduces your breaking ability. If you use multiple trailers, carry multiple mounts.

6.     "Racing" While Towing
We know how exciting it is to get to a destination, but remember, slow and steady wins the race! Speeding up or down a grade is the last thing you want to do because it'll ruin the longevity of your tow vehicle.

7.     Low-Pressure Tires
If you maintain the right tire pressure on both your tow vehicle and trailer, you'll have even tire wear, which means you're less likely to have blow-outs from overheating. This scenario is especially dangerous when it happens on your rear trailer tires, so make sure to pay special attention to them. Tires degrade more quickly when not in use. Before you hitch and go, remember to always inspect your tires and pressure.

8.     Not Lubing Your Components
Like any well-oiled machine, taking preventative measures with your trailer and tow vehicle goes a long way. Axles and all pivot points where steel meets steel (or rubber bushings meet steel) should be greased.EMERGE INSURANCE AGENCY wants you to travel and tow safely contact us to help you choose the right insurance for your hitching adventures.


Article courtesy of Foremost Insurance

 EMERGE INSURANCE AGENCY
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Why You Should Buy Replacement Cost

There are only a few exceptions that a quote will go out from this agency without replacement cost included. Watch and understand why that's important to you.

EMERGE INSURANCE AGENCY
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On Sale!! - Boat Insurance

We offer boat and watercraft insurance from four major carriers. We can find the coverage and sale price for your budget.



Contact us for your boat, watercraft, RV, motorcycle or insurance needs for any of your toys.

EMERGE INSURANCE AGENCY
904-677-5884
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What Auto Coverages Do I Need?

Before you begin the search for that dream car you've been eyeing, lets have a conversation about auto coverage. These days its important to know just how much insurance you need to insure that you are truly taken care of in an accident.

 

At Emerge Insurance Agency we make sure to take our time with our clients. We insure that they understand exactly what they are getting, and we make sure to inform them on exactly what they need.

EMERGE INSURANCE
904-677-5884
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