uying a house is the pre-approved means a lender has
largest investment most verified your information and
people ever make. Yet, all credit rating and agreed to
too often it’s a decision made in provide you with a specific
haste without adequate amount of money. You are in a
preparation. Use our list of better position to go house
common house-buying mistakes to hunting knowing exactly how much
avoid costly regrets. you can afford and that you have
financing.
Buying at first sight.
You may be in love with the Overbuying
place, but does it fit your You may qualify to borrow more,
family’s needs and budget? Make a but can you afford to? As a
list of your needs and wants and general rule, your total monthly
make sure the house fits your debts, including your mortgage,
requirements. Check out the should not exceed 36 percent of
neighborhood and the community your income before taxes. Be sure
before you buy by visiting at to budget enough to cover closing
different times of the day and costs (often two to five percent
week to learn about noise and of the home's purchase price),
traffic patterns. Even if you plus moving, redecorating and
don’t have kids, check out the maintenance. Allow for increases
local schools to make sure your in ongoing expenses such as
resale value will be good. utilities and taxes.
Not getting pre-qualified and Relying on oral agreements.
pre-approved for a mortgage. Get it right and get it in
Being pre-qualified gives you a writing. Written agreements
general idea of how much you can almost always trump oral ones
afford to borrow. Being when it comes to contracts. If
the offer says the lawnmower is mortgage.
negotiable, but the agent says
it’s included, get it in writing. For more home buying mistakes,
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About the Author:
The editorial staff at LendingTree is committed to helping consumers become smarter borrowers. Visit http://www.lendingtree.com/cec for more information and tips on buying, selling, and financing a home. Copyright 1998-2006, LendingTree, LLC.
