WAXHAW, NC – The big mistake that I see is home buyers look online at properties before knowing how much home they can afford. Too often a buyer is not preapproved and assumes they can buy a house for $350,000. The actuality is that they can only afford $300,000. I find that a person should not look at any houses until they are preapproved from a Lender so as not to get their hopes up or set on a certain house that they cannot buy.
Another mistake is not getting more than one quote for a mortgage. There are many programs that a lender can go over to help choose the best one. Some lenders have access to other types of mortgages that others do not. The type of loan will also affect the down payment needed. The other thing to consider is how much house payment is comfortable. You may qualify for $300,000 but are really only comfortable with a payment on a $250,000 house.
Lastly, do not make the mistake of thinking you can buy a home on your own without using a Realtor. There are many things that come up during the buying process that a Realtor is trained to handle. Our job is to guide you through the buying process from beginning to end with your best interest in mind.
When you decide it is time to take the leap from renting to buying or have life changes that require a new living space give Erin or I a call!