6 Things You Must Know Before You Buy
Thursday, February 2, 2023
A new report has just been released which identifies the 6 most common and costly
mistakes that homebuyers make before buying a home.
Mortgage regulations have changed significantly over the last few years, making your options wider than ever. Subtle changes in the way you approach mortgage shopping, and even small differences in the way you structure your mortgage, can save or cost you literally thousands of dollars and years of expense.
Whether you are about to buy your first home, or are planning to make a move to your next home, it is critical that you inform yourself about the factors
Here are 3 of the 6 things in an effort to draw attention to this very important topic.
1. You can, and should, get preapproved for a mortgage before you go looking for a home. Preapproval is easy, and can give you complete peace of-mind when shopping for your home. Your local lending institution can provide you with written preapproval for you at no cost and no obligation, and it can all be done quite easily over-the-phone. More than just a verbal approval from your lending institution, a written preapproval is as good as money in the bank. It entails a completed credit application, and a certificate which guarantees you a mortgage to the specified level when you find the home you’re looking for.
2. Know what monthly dollar amount you feel comfortable committing to. When you discuss mortgage preapproval with your lending institution, find out what level you qualify for, but also pre-assess for yourself what monthly dollar amount you feel comfortable committing to. Your situation may give you a preapproval amount that is higher (or lower) than the amount of money you would want to pay out each month. By working back and forth with your lending institution to determine what this monthly amount is, and what value of home this translates into at today’s rates, you won’t waste time looking at homes that are not in your price range.
3. You should be thinking about your long term goals, and expected situation, to determine the type of mortgage that will best suit your needs. There are a number of questions you should be asking yourself before you commit to a certain type of mortgage. How long do you think you will own this home? What direction are interest rates going in, and how quickly? Is your income expected to change (up or down) in the near term, impacting how much money you can afford to pay to your mortgage? The answers to these and other questions will help you determine the most appropriate mortgage you should be seeking.
If you’d like to see all 6, I have a free report entitled “6 Things You Must Know Before You Buy” which explains the issues in greater detail. Click this link www.briankondo.com/buyer_mistakes and grab a copy of this report for FREE or CALL me at 905-426-7484.
Thank you for reading this week’s blog! Brian
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