The Top 2 Buyer Mistakes Today In today’s complex market, you’ll want to be sure you have advice from a team of professionals. If you don’t lean on the pros, you may make some costly mistakes. Here are the top 2 other buyers are making right now and how your agent and lender can help you avoid each one.
1. Putting Off Pre-Approval
2. Buying More House Than You Can Afford With today’s mortgage rates and home prices, it’s even more important to avoid stretching your budget too far. This is especially true because other housing expenses like home insurance and taxes are on the rise. Be sure to factor these expenses into your budget so you don’t overextend. Bankrate offers this advice: “Focus on what monthly payment you can afford rather than fixating on the maximum loan amount you qualify for. Just because you can qualify for a $300,000 loan doesn’t mean you can comfortably handle the monthly payments that come with it along with your other financial obligations. ”
As part of the homebuying process, a lender will look at your finances to figure out what they’re willing to loan you for your mortgage. This gives you a good idea of what you can borrow so you can really wrap your head around the financial side of things before you start looking at homes. While house hunting can be a lot more fun than talking about finances, you don’t want to do this out of order. Make sure you get your pre-approval first before house hunting. As CNET explains: “If you wait to get preapproved until the last minute, you might be scrambling to contact a lender and miss the opportunity to put a bid on a home.”
73% faster
Bottom Line The good news is you don’t have to deal with any of these headaches, if you have the right partner by your side. Let’s connect so you have a pro who can help you avoid these costly mistakes.
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