Would you buy a car without getting a warranty?
I think not! Even if you go to “buy a used car you are going to want at least a short-term warranty to make sure that by the time you get home you don’t have to call a tow-truck! So why should a house be any different. Our advice is, GET A WARRANTY! It’s not going to cover everything but it will sure make that first year of home ownership a lot easier to deal with and you can extend it for another year if you find it useful. Where would you rather spend your hard earned money, on a new plasma TV or fixing the water heater? I may be a bit biased but I’ve found warranties have the potential to save money in the long run. Many times your Exclusive Buyers Agent can get the seller to buy it for you.
If you are buying a home in the next 6 months and want to learn more about the process from an Exclusive Buyer Agent. Call HomeBuyer Experts at 330-328-3170 or you can email us.
3. Not doing a proper financial plan.
We are seeing record foreclosures today. While there are some which were due to product mistakes, most were a result of improper planning! Setting up reasonable realistic budgets with proper forecasting can alleviate this problem. This kind of work will help you match your cash flow to the proper cost home and correct mortgage product. If possible, do this work with a professional financial planner.
If you are buying a home in the next 6 months and want to learn more about the process from an Exclusive Buyer Agent. Call HomeBuyer Experts at 330-328-3170 or you can email us.
Choosing the wrong loan.
In the past few years the lending world has seen more changes than you can count! There are lots of programs and terms most of us have never seen before like; interest only, negative amortization, hard or soft prepays, option arms, 40 year terms, balloon payments, LIBOR, monthly adjustable, reverse mortgages, sub-prime, A-paper…We could go on all day, but that’s not the point. What we want to stress is that things change everyday in “Lender World” and lenders themselves have a hard time keeping on top of everything that is available especially when you put different guidelines into the mix. So if you are a buyer PLEASE EDUCATE YOURSELF! Ask lots of questions! Understand what you are signing before you go to escrow, the escrow company will not know the details any better than you will. If you get a loan that you do not understand and your payment changes or you have a balloon payment that you can’t make, you can and very likely will lose your home. This will cost you thousands of dollars by effecting your credit, insurance rates, job opportunities, interest rates on your current credit cards, tax responsibilities and over-all quality of life. Not to mention how it will impact your mental and emotional state of being. We don’t want to see this happen to anyone, so please choose the right loan.
If you are buying a home in the next 6 months and want to learn more about the process from an Exclusive Buyer Agent. Call HomeBuyer Experts at 330-328-3170 or you can email us.
Exclusive Buyer Agents serving Summit, Medina, Wayne, and Cuyahoga Counties.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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