Avoid These 9 Expensive Home Buying Mistakes
The process of buying a home can be a nervous and anxious time due to the amount of money on the line. On the one hand, you are super excited to buy a new home; but on the other, you question if you are making a good decision.
Nine common mistakes people make during the home buying process that ends up costing them a lot of money in the end. Educate yourself on what to look out for and how to protect your investments.
#1 Buying When You Should Be Renting
I bought my first home without a down payment, making my mortgage loan much more expensive than it should have been. Looking back, I should have saved money by renting for a few years to afford a larger down payment.
#2 Letting The Lender Tell You How Much You Can Afford
When I shopped for my first home, I met with a lender who requested all my financial documents and recent pay stubs. After a relatively quick review process, I was provided with a preapproval letter that stated how much the bank was willing to lend me.
Your credit score greatly impacts your interest rate on your home. Even a one percent difference in interest rates can end up costing you tens of thousands of dollars in interest payments.
#3 Applying For A Loan With Bad Credit
#4 Going Through The Process Without A Realtor
The seller’s realtor works to get the seller the highest price they can for the home sale.
#5 Making Decisions Out Of Emotion
If you immediately fell in love with a home you looked at, you need to fight the emotional connection. Emotions have a way of causing us to overlook issues and flaws to get what our heart desires.
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