Mistake #1
Not knowing what they can afford before making an offer.
The best way to avoid this is to get pre-approved for a mortgage so you know exactly how much you can afford. Usually, pre-approvals are free and remain valid for 90 days.
Mistake #2
Not knowing who the agent represents.
Unless an agent is working as your buyer representative, they represent the seller. Many people don’t realize this is the case when they go directly to the agent listed on a house that’s for sale.
Mistake #3
Choosing the wrong mortgage.
A bad choice can cost you thousands in taxes and interest. You should consult a mortgage agent and ask them to spell out the total cost of borrowing for each option. It’s also important to know the penalties you have to pay if you break the mortgage early. This will enable you to make an informed decision that lines up with your purchase goals.
Mistake #4
Not finding problems with the home before buying it.
You should always have a certified home inspector look at the home before you finalize the purchase of it. Otherwise, you could be looking at huge repair costs later on.
Mistake #5
Not understanding how credit can impact the ability to purchase or refinance a home.
Your credit score can mean the difference between qualifying or being rejected by a lender. If you have a low credit score, it does not have to be forever.
Consult a mortgage agent/specialist to find out how you can improve your credit score.
If you’re ready to buy and are prepared to take appropriate action with these steps, contact our Realty Team to begin the search for your new home!
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