Home Buyers Beware: Common Mistakes to Avoid

There are a slew of typical errors people make when buying a home. Protest yourself against these mistakes by following the mortgage advice below:

Over-extending yourself financially
Because it’s so easy - almost expected - to get swept up in the excitement of ownership, you must stave off that desire to over-extend yourself financially.

Even though you may qualify for various mortgage loans, consider the pressure they may place on your bank account. You don’t want this new purchase to add add stress to your life. Make sure the monthly payment is something you can comfortably afford. If you’re thinking of getting an adjustable rate mortgage to keep your payments low, make sure you “stress test” your loan so you’ll be able to afford the highest possible payment should interest rates rise.

Making significant financial changes prior to closing
The approval for your home loan is based on the financial information you supplied for the mortgage lender. Buying a new car, changing jobs, or even adding to your credit card debt can affect your ability to qualify for the loan you want.

Not planning for resale
In today’s mobile society, relatively few people stay in the same residence for the full term of their mortgage. Therefore, a common home buying mistake is to forget to buy with resale of the home in mind.

Be sure that the house you make an offer on is one that other people will like, as well.

Not having a final walk-through
One of the last steps before closing is the final walk-through. Many first-time home buyers make the mistake of thinking this isn’t necessary. But it’s important that all contingencies from the inspection have been taken care of and that you make sure that the home is in move-in condition.