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Don't Make The Top Ten Mistakes When Buying A Home

If you're like most people, purchasing your loan.
your home will be the biggest investment (5) Not getting a rate lock in writing.
you'll ever make. It's very important to When a mortgage company tells you they
prepare as best you can. I will outline have locked your rate, get a written
the Top Ten Mistakes Made By Home Buyers. statement detailing the interest rate,
By keeping them in mind, you'll help the length of the rate lock, and program
create a successful and much more details.
enjoyable experience. (6) Using a dual agent--i.e., an agent
(1) Looking for a home without being who represents the buyer and the seller
pre-approved. As a potential buyer in the same transaction. Buyers and
competing for a property, you'll have a sellers have opposing interests. Sellers
better chance of getting your offer want to receive the highest price, buyers
accepted by being as prepared as want to pay the lowest price. In the
possible. A complete stranger (buyer) is standard real estate transaction, the
asking you (seller) to take your property seller pays the real estate commission.
off the market for at least the next two When an agent represents both buyer and
to three weeks while they apply for a seller, the agent can tend to negotiate
loan. As the seller, lets consider the more vigorously on behalf of the seller.
type of buyer you'd prefer to deal with. As a buyer, you're better off having an
Neither pre-qualified nor pre-approved, agent representing you exclusively.
this buyer provides no evidence that they (7) Buying a home without professional
can afford to purchase your property. inspections. Unless you're buying a new
Pre-qualified this buyer has met with a home with warranties on most equipment,
mortgage broker (or lender) and discussed it's highly recommended that you get
their situation. The buyer provided you property, roof and termite inspections.
with a letter from the broker stating an Inspection reports are great negotiating
opinion of what the buyer can afford. tools when asking the seller to make
Pre-approved this buyer has provided a needed repairs.
broker written evidence of income, (8) Not shopping for home insurance until
expenses, assets, liabilities and credit. you are ready to close. Start shopping
As a result, much of the paperwork for for insurance as soon as you have an
this buyer's loan has been completed. accepted offer. Many buyers wait until
They provide you with a letter the last minute to get insurance and do
(pre-approval certificate) from the not have time to shop around.
lender. You're as certain as possible (9) Signing documents without reading
that this buyer can close. As a potential them. Whenever possible, review in
buyer, you can see that being advance the documents you'll be signing.
pre-approved will give you the best It's unlikely that you'll have sufficient
chance of getting your offer accepted. time to read all the documents during the
(2) Making verbal agreements. If you're closing appointment.
asked to sign a document containing (10) Not allowing for delays in the
instructions contrary to your verbal transaction. In a perfect world, all real
agreements--don't! For example, the estate transactions close on time. In the
seller verbally agrees to include the world we live in, transactions are often
washing machine in the sale, but the delayed a week or more. Suppose you asked
written purchase contract excludes it. Do your landlord to terminate your lease the
not expect oral agreements to be day your purchase transaction was
enforceable. scheduled to close. A day or two before
(3) Choosing a lender just because they your scheduled closing date, you discover
have the lowest rate. While the interest your transaction is delayed a week. In a
rate is important, consider the total perfect world, no one is inconvenienced
cost of your loan including the APR , and your landlord is willing to work with
loan fees, discount and origination you. More likely, however, your landlord
points. is inconvenienced and angry. Terminate
(4) Not receiving a Good Faith Estimate. your lease one week after your real
Within three business days after the estate transaction is scheduled to close.
broker or lender receives your loan That way, if there is a delay in closing
application, you must receive a written your transaction, you have some leeway.
statement of fees associated with the This approach might cost a little more,
transaction. This is both the law and the then again, it might not.
best way to determine what you'll pay for




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