Mistake # 1. Not knowing how much they can afford to pay for a house before they make an offer.
Prevented by: Get pre-qualified for a mortgage from a mortgage broker, so you’ll know in advance exactly how much you can afford
Mistake # 2. Not finding out in advance whom a Real Estate Agents represents.
Prevented by: Asking your Realtor. Most people think their agent is working for them. But unless the agent is working under a signed buyer representation agreement, he/she represents the seller.
Mistake # 3. Not realizing that the wrong mortgage can cost thousands of dollars in unnecessary interest and fees.
Prevented by: Consulting with a mortgage consultant, accountant and/or financial planner before making a final decision on which mortgage to choose. CPAs can tell you the long-term effects on your income.
Mistake # 4. Not discovering hidden defects before buying a home
Prevented by: Hiring a professional to conduct a pre-purchase home inspection.
Mistake # 5. Not knowing how debt can affect their ability to buy or refinance a home. Meeting with a mortgage broker/lender is like a job interview.
Prevented by: Preparation……..Ask your mortgage professional to help you review and repair your credit file in advance.
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