Be Careful! These Are Home Buying Mistakes You Should Totally Avoid

Home buying is a careful process. Home buyers, especially first-timers, have to work hard to make sure that their journey to homeownership ends up successfully. If not, all the effort that they put into it will just go to waste.

It’s always smart to prepare everything that’s possibly needed in buying a home and that includes avoiding mistakes along the way that will compromise any progress that you already have.

In order to assure a stress-free home buying journey, here are some mistakes you should avoid doing.

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1. Forgetting to get a mortgage pre-approval

Oftentimes, a mortgage pre-approval gets overlooked for different reasons. It’s often regarded as similar to pre-qualification but they’re definitely different from each other.
Pre-qualification is not as detailed and concrete as a pre-approval. If you decide to get pre-qualified, you’re most likely going to have a rough estimate of how much mortgage you will qualify.

A pre-approval, on the other hand, requires verification and evaluation from lenders. Through this, you’ll get you a clearer idea of the amount your mortgage is going to have. This way, you’ll be able to stick to your budget or buy a home that you can afford.

2. Not considering a home inspection

While getting a home inspection means you have to pay an additional home buying cost, it’s best that you should consider it. In fact, home inspections are encouraged.
You can negotiate an offer with your lender especially if the inspection points out a number of issues on a property you wish to buy. If a seller does not want to negotiate with an offer, you can ask the seller to cover the repair costs for you.

If that’s still impossible, you can also decide to not push through with buying the property and move on to the next prospective property. That way, you won’t end up sitting in a house that still costs you money even if it’s already yours.

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3. Affecting your financial profile

One way that makes the possibility of homeownership slip through your fingers is when you make the mistake of affecting your financial profile. As much as possible, avoid hurting your credit and DTI ratio if your loan has not closed yet.

Buying big ticket items, like expensive appliances or a car should have to wait until after your loan closes. More importantly, you should avoid purchasing these things using your credit card. Doing these things will only delay homeownership.

It takes patience

Borrowers have to keep in mind that home buying requires patience. While you fulfill all that’s needed to get a mortgage and buy a home, you have to be prepared to make sacrifices in order to make the journey a success.

It also pays to be careful and patient every step of the way. Which is why you need to be mindful of the things you’re allowed to do and the actions you need to avoid doing.

Always make it a point to not do anything that may compromise your home buying experience. After all, buying a house is not just because you need a home you can call your own.
It’s also one of the major investments you’re going to make. Therefore, it’s only right to work hard in making it happen.

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