Although not an overly tricky, there is a lot that goes into buying a house. Throughout this process, buyers, especially if it is their first time, can sometimes make avoidable mistakes. Although these mistakes might seem minor they can keep a buyer from being able to purchase their home….and nobody wants that! We are here to help if you are looking to buy your dream home in the Ventura area. Here are the most 7 commonly made home buying mistakes and ways for you to avoid them in the new year!
#1 Delaying Financing
Avoid this mistake by first meeting with a mortgage lender to find out what financing options are available to you. This will allow you to set your budget.
#2 Using an Unreliable/Fake Lender
Avoid this mistake by asking your realtor for recommendations of mortgage lenders. Also do some of your own research so you understand the basics of a mortgage and can identify a fraud.
#3 You get Pre-Qualified and not Pre-Approved
Avoid this mistake by working towards pre-approval, in order to show that your financing is ready for purchasing a home.
#4 Searching Outside Your Budget
Avoid this mistake by knowing exactly the financing available to you through your mortgage lender. Stick within the budget you are pre-approved for and only look for houses that fit within it.
#5 Offering Too Low
Avoid this mistake by not offering a lowball offer in a seller’s market. If you do, the seller will simply go with a different buyer. Trust your realtor to know what the best offer is to make based on the current real estate market trends.
#6 You Go on a Shopping Spree during Escrow
Avoid this mistake by buying anything big until after you have closed on your new home. Although you have pre-approval, your finances are not 100% secure. In fact, your lender will double check your finances right before closing to make sure you still qualify. If you have suddenly opened new credit accounts or purchased a big ticket item, such as a car, appliances, etc, it could change your debt to income ratio and affect your loan qualification.
#7 Not Having the Money to Cover Closing Costs
Avoid this mistake by working closing costs into your budget from the very beginning. Get an estimate from your mortgage lender of closing costs before you put in your offer on the house so that you have the necessary funds.
Now that you know how to avoid these common buyers mistakes, you are ready to BUY your dream home in Ventura County in 2020! Give Blake Mashburn a call today or visit our website at https://blakemashburn.com/ so we can help make your dreams a reality!
