How to Avoid the 5 Biggest Home Buying Mistakes

How to Avoid the 5 Biggest Home Buying Mistakes

Mistake 1#: Not Knowing How Much You Can Afford

The easiest way to avoid this mistake is to get pre-approved for a mortgage by a lender so you know in advance exactly how much you can afford.  If you don't know how much you have to work with financially, how are you going to budget for the mortgage and household expenses?

Mistake 2#: Not Realizing Who The Real Estate Agent Represents

Most people think that the agent they are working with is working for them, but unless they are working as your Buyer Representative, they represent the seller.

Mistake 3#: Not Realizing the Wrong Mortgage Can Cost Thousands of Dollars in Needless Interest & Taxes

Check with you accountant before you make your final decision on which mortgage your going to choose. Your CPA will be able to tell you what the long-term effects will be on your income.

Mistake 4#: Not Discovering Hidden Defects Before Buying A Home

One of the most expensive mistakes is also one of the easiest to avoid, by having a professional home inspection done prior to purchasing the home. 

Mistake 5#: Not Knowing How Much Your Credit History Can Affect Your Ability to Buy or Re-Finance 

Before you buy a home, many of the clouds on your credit history can be cleared up or even eliminated. Your mortgage professional can help you review and prepare your credit file in advance.

Would you like to be in contact with a Mortgage Specialist today? We would be more then happy to recommend a Mortgage Specialist that can answer all of your questions and give you the best advice. Call Us Today at 905-668-1800 ext 241 or email Keith@LivingInDurham.com