Even seemingly small details are important when buying a home. Following is a list of some common mistakes to watch out for when shopping for a new house, applying for a mortgage and closing a home purchase deal.
Not Paying Enough Attention to Your Credit
Your credit report has a huge bearing on how much money you will be able to borrow and what sort of interest rate a mortgage company in Johnson City will put on the loan. Work on improving your credit before applying for a mortgage to make sure you get the best possible deal. It’s also wise to save up for a sizeable deposit on your new home loan.
Not Setting a Firm Price Limit
Never purchase a home that costs more than you know you can pay. Doing so will put a strain on your finances and may even result in foreclosure if you face other, unexpected expenses.
Rushing Through a Home Inspection
A home inspection should tell you just about everything you need to know about the home. Make sure the inspector checks every single nook and cranny, including the roof and crawl spaces. Ask him or her if the inspection includes checking for pests, mold and radon. Attend the inspection and ask questions if you have additional concerns or don’t understand something.
Immediately Agreeing to the Asking Price
You may be tempted to immediately agree to the home’s asking price if it’s a seller’s market and/or if the home seems like a particularly good deal. However, failing to negotiate can cause you to spend thousands of dollars more than you really need to. Don’t hesitate to ask for a better deal, especially if you will need to repair the property in some way before or after moving in.
Another important mistake to avoid is failing to get pre-approved for a mortgage. Pre-approval shows sellers your offer is serious and can help you stand out from other buyers. Mortgage Investors Group can help you by providing you with multiple loan options and offering good advice on the type of loan that would best suit your needs. Get in touch with us to talk to a loan officer in Johnson City or start the application process online at your convenience.