The Top 3 Home Buying Mistakes

Knowing the type of mortgage you are best suited for is the first step in having your dream home. Because buying a home is a huge undertaking, having the basic understanding of any agreements you sign gives you the power to make the best decisions.

Finally, you simply cannot afford to skip having a good independent home inspection. Watch out for these three mistakes:

Choose the Right Mortgage for You. - Choosing the best type of mortgage is the first and most important task. Whether fixed rate or adjustable, short or long term, the answer will depend on some very personal decisions you’ll have to make. Your financial priorities will dictate these choices. You may need a lower monthly payment, or you may enjoy having the option to qualify for a loan easier by taking a higher one. Take the time to decide how long you plan to live in the home, and when you’ll be comfortable putting it back on the market when the need arises.

Know the “Terms” of the Agreement. - The term pre-approval is generally a document from a lender, which certifies that they have reviewed your financial stability. They specifically look at your assets, credit and income. The term pre-qualified means that the lender has approved you for a specific loan amount. Knowing the difference between these two terms can save you a huge headache. Lenders use these terms interchangeably, and for some, the weight these processes are given may be based on certain conditions a homebuyer must meet. Make sure you know the exact steps to qualify for a loan. Ask the lender how they define their terms in any contract you sign.

Don’t Forget the Home Inspection. - Having the home inspected before you buy it will make you feel a lot safer with your purchase, and probably save money in the end. While you may know what your home should look like, an Independent inspector’s eyes are trained to reveal the secrets that every home hides. The roof may need work and furnace may need cleaning. If you know these things up front, you are ahead in the game. Having the purchase of your new home subject to an Independent inspection is crucial for a clever home buyer.

Buying a new home can be tricky for the first-time buyer, and there are lessons that you will never forget. By following these tips, you will be secure in the fact that you made the process easier for yourself and your family. Now that you are armed with this information, you have a better understanding of 3 things that can either turn your home buying experience into a nightmare, or an event for which you can be proud.

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