The Top Two Buyer Mistakes Today

The Top Two Buyer Mistakes today 

In today's market, you'll want to be sure you have advice from a team of professionals. Here are the top two mistakes other buyers are making right now, and how your agent or lender can help you avoid each one. 

Putting Off Pre-Approval

As part of the homebuying process, a lender will look at your finances to figure out what they're willing to let you borrow for your mortgage. This will help you really wrap your head around the financial side of things before you start looking at homes.

While house hunting can be a lot more fun than talking about finances, you don’t want to do this out of order.

Make sure you get your pre-approval first before you go house hunting.

As CNET explains: “If you wait to get preapproved until the last minute, you might be scrambling to contact a lender and miss the opportunity to put a bid on a home.”

Buying More House Than You Can Afford 

With today’s mortgage rates and home prices, it’s even more important to avoid stretching your budget too far. This is especially true because other housing expenses like home insurance and taxes are on the rise.

Be sure to factor these expenses into your budget so you don’t overextend. Bankrate offers this advice:

“Focus on what monthly payment you can afford rather than fixating on the maximum loan amount you qualify for. Just because you can qualify for a $300,000 loan doesn’t mean you can comfortably handle the monthly payments that come with it along with your other financial obligations.”

Bottom Line 

The good news is, you don’t have to deal with any of these headaches if you have the right partner by your side. Let’s connect so you have a pro who can help you avoid these costly mistakes.