The top ten things not to do when buying a home.
So you have decided you want to become a homeowner.
This is always exciting, especially for first-time homebuyers. Home ownership is one of the most rewarding things you can do. Since buying a home is the largest purchase of your life, you might want to read these suggestions of what NOT to do when getting ready to buy a home.
1. Don’t get your loan from the first place you hear about. Get referrals from your Realtor for three different lenders and interview them to find one that is competitive and offers top notch service.
2. Changing jobs. Changing jobs during the loan process is never a good idea. If you must change jobs, stay in the same line of work. You don’t want to get this far only to have your loan denied because you changed jobs.
3. Shop – shop – shop. Don’t go out and buy a new car or any other major purchase during this time. Especially if you are financing a car. The car dealers are notorious for pulling your credit over and over again to get the best interest rate. I have seen credit scores plummet because of this practice.
4. Do not look at new homes without your Realtor. There are some home builders who will not allow your Realtor to represent you after you have stumbled in to their sales office just to look at the models. Since this is the largest purchase of your life, don’t go it alone. Have a professional Realtor represent you.
5. Tic Toc Tic Toc – Float Float Float. Don’t sit by waiting for interest rates to come down. None of us has a crystal ball to predict what interest rates will be from one day to the next. Lock in your rate and don’t look back.
6. Don’t buy a home (new or resale) without hiring a professional Home Inspection Company.
7. Making late payments. Don’t pay any of your bills late. This could result in loan denial.
8. Be Realistic With your Offer. Before writing an offer, let your Realtor do some research to see what the home is worth. Don’t make a crazy offer that is never going to get accepted.
9. Leaving town after you are under contract. You need to be accessible to your lender and Realtor. Don’t go on a extended vacation right after you submit an offer on a home.
10. Don’t buy a home without representation. Use a professional Realtor. As I said – this is the largest purchase of your life. Use a Realtor to represent you every step of the way. Buyer’s Agents are typically paid by the seller.