Buying your first home requires you to make a lot of big decisions. It can be as scary and exciting as well. You might get swept up in the whirlwind of home shopping and make mistakes that could leave you shattered later.
If this is your first experience as a homebuyer or it’s been many years since you last bought a home, knowledge is power. Along with knowing the issues to avoid, it’s important to go through the first-time homebuyer tips so you know what to expect and what questions to ask. Here are the 3 common mistakes that the home buyers end up committing.
Talking to only one lender:
This one of the biggest mistakes we commit. First-time buyers might get a mortgage from the first lender or bank they talk to, this might potentially leave thousands of rupees on the table. The more you shop around, the better basis for comparison you’ll have to ensure you’re getting a good deal at the lowest rates possible.
Go around with at least three different lenders, as well as a mortgage broker. Compare rates and loan terms. Do not discount customer service and lender responsiveness as both play key roles in making the mortgage approval process run smoothly.
Not considering location as an important factor:
Location is something you’ll hear very often when it comes to shopping for real estate. And there’s a good reason for that. Location is a very important factor to take into account. If you find a home you love in a location that’s not ideal, you should think twice before buying it. The last thing you want to do is invest in a property in a location that’s headed in the wrong direction.
Falling for the first home and not looking for an alternative:
After you’ve come up with a budget, and taken your additional expenses into account, you can get out there and start looking at homes but, do not fall in love with the first home you see. You should walk through at least a few different homes before deciding which one is best for you. The first house might or might not become the best option. There are tons of homes for sale, so never limit yourself by jumping on the first option. Buying a home is complex, especially when you get into the weeds of the mortgage process. Rushing the process might end up costing you later on. Rushing the process can make it difficult to save enough for a down payment and closing costs, address items on your credit report, or make informed decisions.
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