Don’t Get Caught In These 3 Common Homebuyer Traps
It’s easy to make a mistake when buying a home. When there’s unfamiliar terminology and processes, it can make the transaction confusing to laypeople. As such, there are 3 mistakes homebuyers make when buying a home that can ruin their chances of landing their dream home:
- Not getting pre-approval for a mortgage
- Not setting a budget
- Not working with a mortgage expert
Sometimes it seems like buying a house is almost all planning and hardly any looking at houses! But if you understand that careful preparation is key, the entire process will go fast and easier. Take the time to avoid these common mistakes.
1. Not Getting Pre-Approval for a Mortgage
Getting a pre-approval for a mortgage is a good idea for two reasons. Firstly, it gives you a good idea of how much house you can afford. This way you won’t waste time looking at houses that are out of your price range. Secondly, a pre-approval gives the homeowners peace of mind when you submit your offer that you can back it up with financing. A written pre-approval is even better – it’s like money in the bank.
Most lending institutions offer pre-approval services for free. Generally, it’s fast and can be done over the phone.
2. Not Setting a Budget
Beyond your pre-approval, you should take an honest look at your budget. You may have been pre-approved for a large amount, but if you can’t make the monthly payments this amount of mortgage won’t help you. Don’t forget to factor in additional costs like moving expenses and closing costs. The last thing you want is to buy a home that stresses your budget to the max.
Imagine staying up nights wondering how you’ll be able to afford your house payment. Or maybe you thought you could afford it but ran into an emergency or tough times. You don’t have to let this happen if you plan carefully.
3. Not Working With a Mortgage Expert
The mortgage industry is highly specialized and can be confusing to those who don’t work with mortgage lenders every day. Your best bet is to work with someone who is a mortgage expert. This person can save you time and money on purchasing a new home. They can also guide you throughout the mortgage process and answer any questions you may have. You can request their services at your mortgage lending institution.
Avoid 3 Mistakes Homebuyers Make with Your Home Sold Guaranteed Realty – Rudy Lira Kusuma Real Estate Team
With Your Home Sold Guaranteed Realty – Rudy Lira Kusuma Real Estate Team, you can be confident that you are getting the best home for the best price. We help clients buy and sell houses every day and our proven track record of success speaks for itself.
If you’re looking for a house in Rosemead, you won’t find a better team to work with. We know the local market and we’ll help you every step of the way.
To get started on buying a new home today, call us at 626-789-0159, contact us here, or fill out the form below.
