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4 COMMON HOME BUYING MISHAPS TO AVOID
Home buying is exciting and it’s similar to a new adventure. It’s easy to make mistakes though, especially emotional mistakes. Many buyers allow their feelings to cloud their judgment, hence avoidable mistakes occur. Since home buying is a big purchase, it might be the biggest investment you make. It is necessary to get familiar with the mistakes and unforeseen situations that may arise within the home buying process.
1. Foregoing the pre-approval process
A buyer who is only prequalified for a loan will be able to search for homes but sellers and their agents prefer to work with pre-approved buyers, resulting in a waste of time and effort for the self-confident buyer who is pre-qualified. Preapproval gives you more credibility as a buyer. It is important to get pre-approved to streamline your home search. This will also save you the last minute hassle of securing the approval during a purchase process, which could cost you your desired home.
2. Home cannot be insured
You may find it hard to insure homes in really poor condition or with major damages. This can be a problem as home insurance is usually required by mortgage brokers to complete a home deal. Insurers determine terms on which they offer ... more
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