Are you ready to purchase a house on Long Island's North Shore?
Before you sign on the dotted line, here are some mistakes to avoid during the home buying process.
Mistake #1. Don't Make Purchases For Big Ticket Items ~ It will increase your debt-to-income ratio and typically the more debt you have the less you will qualify for on a mortgage.
Mistake #2. Don't Forget To Check Your Credit Report ~ You should check your credit report as the cleaner it is, the faster you will be approved for a loan so do check it out before starting your search.
Mistake #3. Don't Lie On Loan Application Forms ~ It's fraud and won't help your chances of obtaining a loan.
Mistake #4. Don’t Change Banks During The Process ~ Lenders will probably review your bank account history and moving your funds may cause issues as you want your banking history to show stability.
Mistake #5. Don't Co-sign A Loan For Anyone Now ~ It's not your payments, but the credit companies will take this into account and what if the owner defaults and you are responsible for these funds.
Mistake #6. Don't Change Jobs At This Time ~ A solid employment history is very important as lenders look at your previous and current earnings to analyze your ability to make the payments.
Mistake #7. Don't Think You Have To Find The Perfect House ~ Unfortunately you may not find your dream house with everything you may want so be a little flexible with your criteria.
Mistake #8. Don't Spend All Your Funds On The House ~ Spending all your money on the house is not a wise decision as you may need funds for emergencies and the unexpected.
Mistake #9. Don't Forget About Closing Costs ~ You have to remember that there will be closing costs involved in the purchase so have these amounts in mind when making a purchase.
Mistake #10. Don't Look For A House First And Then Figure The Financing Costs Later ~ Make sure you speak with your bank or mortgage specialist before you start looking at properties.
Mistake #11. Don't Dismiss A House Because You Think There Is Something Else Out There That's Better ~ Yes there are many houses on the market, but that is going to change and we are seeing lower inventories. That house that you may think will be better, may never appear.
Mistake #12. Don't Forget To Work With A Realtor ~ Seeking guidance from a Realtor who is experienced throughout the process can only benefit to you and will make the transaction go much smoother!
By knowing these Top Mistakes To Avoid When Buying Your North Shore Of Long Island House, you'll be able to effectively address today's real estate market and the purchase of your house!
And if you are looking to buy a home on The North Shore Of Long Island, don't forget to call Larry & Sheila, Realtors at 631-805-4400!