6 common mistakes to avoid when buying a new house
Buying a home can be a challenging experience. The process involves a decision with high stakes and the possibility of one making mistakes can be quite high. But, one can always learn from other people’s mistakes. A little research and planning can help one avoid potential pitfalls before finalizing and buying a new house. Spending enough time on it before than regretting the decision later is always the right choice.
Not getting a pre-approved mortgage
Some people start looking for homes before checking the loan amount they qualify for. This can put a huge dent in their plans later. It is advisable to start off with getting a pre-approved mortgage and then look for potential homes. This can homebuyers determine their affordability. They get to check the interest rate and loan amount they can qualify for. The process also lets people determine how much money they will have to pay upfront as a down payment and other closing costs. Having a pre-approved mortgage also lets the seller know that the homebuyer is serious. It lends one a competitive edge against other potential buyers. And since one is ready to purchase, some sellers might also be open to further negotiations. Further, do not stop with just one lender.