2) Looking at Homes You Can't Afford. You might find that when you do a reality check and start looking in your price ranges, that the houses are rather disappointing. Get pre-qualified and then stick within your budget.
3) Buying the Wrong Sized Home. Consider how long you plan on being in the property and plan for any lifestyle changes that could possibly happen.
4) Buying in a Neighborhood You Know Nothing About. Think about whether or not this neighborhood will make you as happy as the house does. Do your homework.
5) Operating on a First-House-is-Best Theory. Season your eyes by inspecting different types of homes. This will help establish your objectivity after coming from a renting situation.
6) Buying a Property That's Difficult to Resell. Walk yourself through all the negatives of the property.
7) Overextending Your Budget. Avoid feeling pinched - just because you have been pre-qualified to a certain level doesn't mean that is where your comfort zone is for payments.
8) Being Indecisive. Take all the time you need, but don't be afraid to make a commitment when you've found your dream home.
9) Choosing the Wrong Mortgage. The thirty-year fixed rate is not the only or necessarily the best answer. Have your lender show you on paper how much each program will cost you and how they compare with each other.
10) Under-insuring the Property. Forgetting to increase insurance coverage as the home appreciates in value or neglecting to properly insure the replacement value of the contents.
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Thank You!
Ricardo Bueno - Residential Commercial Construction Investment Advisor
Toll Free: 866.934.3444 Cell: 323.810.2175
Ricardo Bueno is a Mortgage Advisor & Team Leader with Wilshire Financial, Inc. A diversified mortgage brokerage located in Pasadena, CA.
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