Some buyers fall into common mistakes when deciding to purchase a financed property. You are at situations we encounter on a day-to-day basis working with customers in our company, in addition to being Realtors, we must be advisors to those who place their trust in us. your confidence when buying a real estate property.
Throughout the years of I have discovered some of those mistakes that can be made in this worthy profession. I include the following in this list:
1.- Try to fix the credit history just prior to purchase.
The buyers may be disadvantaged if they do not consult a financing expert. before acting on their own. “Even if it cancels part of the balance of its accounts, which is good in terms of credit scoring, it could be negative if you are left with little liquidity that you may need for qualification of the loan”.
2.- Do not consider your plans futures at the time of purchase.
The buyers should consider that a property is not only for today, but also for the future. for the next 5 to 10 years. If they plan to increase the family, they may need a larger house and maybe a different location with respect to schools. Also how long plan to live there and what type of mortgage is most appropriate for their budget.
3.- If they fail in their search for financing.
First looking for the property and then the financing? NO, in the current market buyers must be well-qualified for the mortgage loan before they can apply for the loan. to go out to look for the property, because the most important thing is to know its power of purchase. The time to make the decision on the mortgage they need not is 10 days after signing a contract, to make bid is required to have proof of available cash and/or pre-approval from a loan.
4.- Assuming that a “Good Faith Estimate” is what they will pay at closing.
The The manner in which mortgage brokers provide the “good faith estimate” does not is written in stone. The closing costs for the transaction may be more high, buyers need to be prepared. The “closing costs “ generally range from 3% to 5% of the mortgage balance. It is good to give a and purchase the “Good Faith Estimate” provided by two or three agents. companies, if there are large differences, then, if there are large differences, then should ask the reasons and after a clear and convincing explanation, can determine a good choice.
5.- Failure to budget the property expenses.
Budget the home purchase is not all for new buyers, they could be squeezing their budget if they don’t calculate the maintenance costs of the property. The new owners must have the budget for an increase in their services, future maintenance and repairs such as roofing and painting.
All of my clients who have followed these steps have had the opportunity to own, get to the closing table with no surprises and are comfortable with payments within their family budget. Keeping in mind the 5 important details described above will help you shop relaxed and enjoy your new home with joy and peace of mind.
Credit: Lourdes Seda(Diario Las Americas)
