4 Home Buyer’s Nightmare to Avoid!

One of the two things to remember when you are buying a house; first, it’s a long term deal, and second, it is a big financial decision. You have to decide wisely because what you may think as the home of your dreams may turn into a nightmare if you are not careful.

Here are 4 home buyer’s nightmares to avoid

1. Not knowing how much you can afford. It is easy to overestimate what you can afford. Before you even decide to look at houses, take a good look at your income and expenses. It is best to have a precise idea of how much you can afford for a home so you wouldn’t waste your time looking at houses not within your reach.

2. Buyer’s remorse. Many home buyers who didn’t think through and decided to buy a home without thinking of other factors usually experience this. The good thing is you can avoid buyer’s remorse. It all boils down to wise decision making.

3. Mortgage application denied. This is a nightmare indeed if your mortgage application was denied.  But don’t fret, it doesn’t mean you can’t get a mortgage, different lenders have different standards, you can reapply. But it also makes sense to ask yourself why you didn’t qualify in the first try. Could it be you made mistakes while you’re in the process of getting mortgage approval?

4. Ignorance. There’s a price to pay for ignorance. For your own sake do not fail to read and completely understand disclosures, inspections, loan documents and such. Ask your agent if you don’t understand something. You don’t want to be upset at a later stage of the deal.

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