Published October 22, 2018
Buyer Mistakes to Avoid
In today’s instant gratification society, finding out just how much time the home-buying process can take surprises some first-time home buyers. Patience is a virtue when it comes to buying a home, and mistakes can be made, slowing the process down. These tips should help you avoid common errors a home buyer can make:
- It may sound like it should be worn out by now, but make sure your credit is in good standing.
- Don’t overestimate how much you can afford. If you’re just able to scrape the rent payment together every month, don’t look at homes where your loan payment will be equal to or more than the rent.
- Be certain you have enough for your down payment saved, as well as other up-front costs.
- Get pre-approved, not pre-qualified, for a home loan. Talk to different lenders to line up the best deal for you.
- Speaking of loans, there are plenty of programs to assist first-time home buyers in paying a lower than 20% down payment, as well as those with credit issues, and lower income. Go to realtor.com? for a list of the different programs.
- Once you’ve applied for a mortgage, don’t apply for any other credit: applying for a loan for a new car, credit cards, or even new furniture to go in your new home can hurt your credit score in the mortgage process.
- Don’t underestimate open houses in the area you’re wanting to relocate to. It can give you a good idea of what’s available, get a look at different neighborhoods, as well as the home prices. You may even find your new home!
- Look at more than one house, unless it’s a family home, or other special situation. Upon visiting each house, keep a record of the ones you like, and a list of the pros and cons of each one.
- Think ahead; if you have children leaving home soon, or if your parents will need to move in with you, look for a home with what room you’ll need then, not just for now.
One of the most important things you can do is get your own buyer’s agent. They have knowledge you don’t have about the market, and what’s available. Ask your Realtor? for a copy of the current market information, so you’ll be able to familiarize yourself with the home-buying process, and so there won’t be any surprises.
Contact the experts on The Mary Gilbert Group for all your Real Estate needs! 541.371.5500 or sold@marygilbert.com.
Photo credit: blog.mechanics-coop.com
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