Home Buying Blunders
Are you planning to buy a home this year? Nervous, excited or both? Home buying is a tough and lengthy process, and you will encounter many problems, especially if you are a first time buyer. We have come across so many of these who did not conduct a thorough enough research, and so made quite a few costly mistakes. Some of them paid more, others unknowingly opted for expensive loans and some others bought houses that needed extensive repairs.
So why do buyers make these mistakes? A real estate professional told us the primary reason buyers end up making blunders is simply because they are not informed well, do not ask the right questions or do not get their doubts cleared.
If you are buying a home, you will want to stay clear of all of these mistakes, right? This is just why we interviewed some of the experts in the real estate industry and asked them about the most common mistakes, which homebuyers make. Here is what they shared with us.
Borrowing the full amount which you can afford
So how much loan amount did the bank give you approval for? A little tip from us; do not go ahead and borrow this full amount. You should just stick with an amount that is around 80% of what you have been approved for and take that. You may borrow the full amount, but what if your job changes in future or another incident takes place? You may not be able to bear your mortgage payments any more, and from here, a whole new set of problems is going to start. In the worst of circumstances, you may end up losing your home.
Opting for promotional loans or other adjustable rate mortgages
In the long run, the traditional 15 year or 30 year often turns out to be a great choice in most of the circumstances. The market is filled with so many other mortgage products that promise to offer lower rates for a certain time period. Initially, all these products appear attractive, but they can be more expensive than the traditional loan over the entire mortgage term. So a traditional loan is a much better choice, and the fact that you know what your monthly payments will be, makes it easier for to save money for them.
Not hiring a real estate agent
Yes, you can search for a home on your own, but if you take help from the pros, you will be spending less of your time and energy and will save more money in the long run.
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