The Top 10 Mistakes Home Buyers Make ... And How You Can Avoid Them!
Are you a getting ready to start house hunting?
Congratulations! Buying a new house (especially if it's your first house) can be very exciting! And while you don't need to be a real estate expert, there are lots of details about the process - big & small - that can cost you a BUNCH of money. Trust me, I know all about making mistakes. Because I made them all. In fact, I made enough mistakes with my first home to qualify myself as a "home buying mistake" expert. While I'm not a professional realtor or financial planner, I've been through the house hunting process and learned these lessons the hard way!
So I started HouseBuying-Tips.com to share the tips I learned about buying my first home - so you can avoid these same mistakes!
How to get the lowest rate on a mortgage...
There are so many decisions when getting ready to buy a house. One of the most important is your mortgage. Some home buyers just call their local bank and get their mortgage there. But your best option is to shop around & compare - Lending Tree will give you up to 5 different quotes so you can compare interest rates and fees and get the best possible deal. It's a free service and will only take a a few minutes to complete an online form, and then you'll know that you'll be getting the best mortgage. Click here to compare your mortgage options.
Here are several of the most important steps in the home buying process... that you should learn BEFORE you start house hunting:
Two reasons why you need to shop around & compare mortgage rates. Before you start house hunting, it's a good idea to shop around and compare the different mortgage rates & programs that are available. By doing this you'll make sure that you get the lowest rate possible, AND you'll find out exactly how much money you qualify to borrow for your house. Otherwise, you'll end up wasting time searching for homes that might be outside your price range. And while you can look at your income & expenses to get a pretty good idea of how much you can spend, you should really shop around and compare mortgage programs so you get the best rate & find out EXACTLY how much you can afford.
Start to pay down your credit card bills & fix your credit problems as early as possible. These days getting into debt & damaging your credit is easy. And when buying real estate, the more credit card debt you have, the less house you can afford. And the more credit problems you have had in the past, the higher the interest rate you'll have to pay (and therefore your monthly payments will be higher, too). So, if you have any credit card debt, or have had any credit problems in the past, it's a good idea to reduce your debt & improve your credit score as much as possible BEFORE you start house hunting!
Using a realtor is a good idea. Buying a house involves LOTS of little details. That's in addition to all the big details. So when your home search starts getting busy, and you're getting ready to make a decision, it's a good idea to have a professional on your side. But just hiring the first realtor you can find (or worse, using the realtor selling the house) isn't enough. You should make sure you find a good realtor to give you advice throughout the entire process so you can spend your time finding the right home and let them do the dirty work for you!
But don't rely only on your realtor for help finding your "dream home". Most people rely on their realtor to send them listings of homes in their price range. They have access to the MLS (Multiple Listing Service) listings so that's a great place to start. But not everyone lists their home on the MLS network. Some people sell their homes on their own. And sometimes you can find a sign in a yard before the listing goes online or in the newspaper. So there are several places to look when searching for your dream house that you might not have through about.
The more you understand about the entire home buying process, the better. The home buying process is FAR more detailed & FAR more stressful than most people realize. The more you know about the process ahead of time, the more likely you are to get through it all without feeling like your head is going to explode! So here is a simple home buying checklist that takes you step-by-step through the entire process so you know what to expect before, during, & after you buy your home.
And here's a "free report" I wrote about my experiences... so that you can avoid the mistakes I made:
When buying my first home I learned most of the lessons the hard way - by making mistakes. And it cost me quite a bit of money. You DON'T need to be a real estate expert when buying your first home. But it sure helps to know what some of the most common mistakes are BEFORE they cost you money, too! So I developed this free report on How To Avoid These 10 Costly Mistakes When Buying Your First House to share with you the home buying tips we learned along the way & help you avoid these same expensive mistakes!