You’re finally ready to make an offer on the home of your dreams. Watch out – this is where it’s easy to make mistakes that could cost your big in hindsight! Here are four things to watch out for when you’re making this big move in the home buying process.
Don’t Pass on Using an Agent
A big mistake first-time home buyers make is trying to buy their home without the help of a real estate professional. The seller and their agent are committed to getting the best price possible for the home. You need your own agent to look out for your ebay interests. There’s literally no excuse not to have an agent, especially since the seller typically picks up the tab! Home Inspection
Don’t Skip the Home Inspection
You’ve done a walkthrough, and the buyer pinky promised there is nothing wrong with the home. If this is true, there’s no reason for them to object to a home inspector coming in to back them up. Skipping a home inspection can lead to disastrous results if problems with the home later come to light and you’re stuck with hefty renovation bills.
Don’t Rack Up New Debt
Your credit check passed with flying colors, but that doesn’t mean you should start spending big before your home purchase is complete. Many lenders will do a soft-pull credit check right before your loan closes to ensure you didn’t accumulate any new debt during the loan process. If you need to make a large purchase with debt make sure you clear it with your lender first to ensure the increase to your debt to income ratio doesn’t cause your loan to be denied.
Don’t Shop Until You’re Preapproved
Making an offer will go much smoother if you have a preapproval letter from your mortgage company. This can give you an edge on a competitive market, and bump your name up the list over other comparable buyers without a preapproval letter.
We hear from buyers all the time who tell us they don’t need to get preapproved yet because they don’t plan to make any offer for a few weeks. A day or two later they call in a panic to get preapproved because they found the perfect home. Don’t make this mistake. Get preapproved early as it doesn’t cost anything. It’s better to be preapproved too early than too late.
Keep all of your ducks firmly in a row from the start of your home buying process straight through until closing. That will help you avoid costly mistakes and help get you into the home of your dreams.
Your Sammamish Mortgage Loan Officer Can Help You Start the Preapproval Process Today!
We’ve fine-tuned the preapproval process to make it one of the easiest experiences you’ll have in the whole home buying process. Buying a home should be fun and exciting, not stressful. Get preapproved today!
Sammamish Mortgage has been in business since 1992, and has assisted many home buyers in the Pacific Northwest. If you are looking for mortgage financing in Washington State, we can help. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon and Washington.
Contact us if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.