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.

Make homeownership a reality.

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.

Get a mortgage today.

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.

Click Here to Get Matched With a Lender»

Get started today!

It only takes a few minutes to get started and best of all, it’s completely free. Get started finding the best mortgage options for you now.

Start Here

When inquiring about a loan on this site, this is not a loan application. This is not an offer to lend and we are not affiliated with your current mortgage servicer. Upon the completion of your inquiry, we will work hard to match you with a lender or lenders who may assist you with an official loan application and provide loan product eligibility requirements for your individual situation.

When applying for a loan, lenders will commonly require you to provide a valid social security number and submit to a credit check. Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved. Minimum credit ratings may vary according to lender and loan product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee. Any loan product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the loan product.

This site is in no way affiliated with any news source or government organization and is not a government agency. Not affiliated with HUD, FHA, VA, FNMA or GNMA. This site may contain affiliate and partner links. This website and the company that owns it is not responsible for any typographical or photographic errors. If you do not agree to our terms and policies, then please leave this site immediately. If you submit your mobile number on this website you agree to receive marketing based text messages. Consent is not required for purchase. You will receive up to 4 messages per month. Standard text and data rates may apply. Reply STOP to stop & HELP for help.

Contents of this website are copyrighted property of the owner of this website. All trademarks, logos, and service marks (collectively the "Trademarks") displayed are registered and/or unregistered Trademarks of their respective owners.

In the event that you discovered this website through an advertisement, such advertisement may consist of stock photos, images, video or other publicly available resources. Any spokesperson used is an employee of the advertiser that owns and operates this website and is not a paid spokesperson or influencer.

© 2022 Mortgage.Info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.