Many homebuyers eagerly seek a real estate agent to begin their home hunting process, only to discover they’ve made several mistakes before they even get started. Always engage an experienced real estate agent for a home purchase. To ensure the home buying process progresses smoothly, there are 5 top mistakes to avoid.
An individual’s credit report and rating play a critical role in the home buying process. It will determine the interest rate a person is charged for their mortgage or can prevent them from purchasing a home at all.
Assuming that the individual’s credit rating is sufficient, there’s also the pre-approval step. When a lending institution delivers a positive answer, the lending agent will also let the applicant know the maximum amount for which they’ve been approved to spend. It represents the amount the bank has determined they will lend on a home.
Getting a Single Quote
It can be time consuming, but getting quotes and terms from several lenders can save thousands of dollars over the lifetime of a mortgage. Also, the longer the term of the mortgage, the lower the monthly payments.
No Home Inspection
Buyers are typically responsible for obtaining a home inspection and may be tempted to waive that right. It’s a mistake that can cost thousands in the long-term if the house has roof flaws, unseen structural damage, or if the plumbing and electrical wiring aren’t code compliant.
In addition to a sufficient down payment – which can be up to 20 percent of the purchase price – there are also closing costs that can be up to 6 percent of the mortgage. It includes title and filing fees, processing costs, and mortgage insurance.
It may include the cost of the inspection and appraisal expenses. Homeowner’s insurance will be mandatory. Sometimes lenders will allow individuals to borrow the costs of closing fees and incorporate them into the mortgage loan.
Located in Boca Raton Florida Camino Real Realty is Boca Raton’s Premier Flat Fee Real Estate Agency. Camino Real Realty has been providing Flat Fee Real Estate Services to Palm Beach residents for Years! For more information on how we can help you sell your house while saving thousands in the process contact Tamara Aristy today 954-213-5310