09/17/2022
On home finance and budgeting, did you know?
1. Your home loan could fall through if you open additional credit accounts while you’re pre-approved for a mortgage. So, hold off on opening that store credit card at the home improvement big box until after you’ve closed on your home loan.
2. Also, don’t change jobs while in the mortgage process. It could hurt your chances of securing a loan.
3. If you’re buying your first home, you probably don’t have the budget for your dream home, but you can make it yours along the way and build equity in the process.
4. A good real estate agent will not just care about how much you’re pre-approved for, but also how much you’re comfortable paying every month once you factor in things like maintenance and potential HOA assessments.
5. Bidding wars are prevalent. But to prevent heartbreak in the homebuying process, look at homes that are on the lower end of your budget so you have some wiggle room to make counter offers.
6. Zestimates have a margin of error. Your real estate agent should know the nuances of a neighborhood and be well-versed in looking at comps, or comparable homes in the area, to determine whether a home is priced correctly.
7. If you don’t have great credit, work with a mortgage broker who might be able to find some alternatives to the conventional loans offered by banks.
8. Refrain from making much commentary about a home while you’re touring it because homeowners could be eavesdropping via smart home technology or nanny cams.
9. Talk to neighbors before buying.
10. If a home meets 85 percent of the requirements you’re looking for, make an offer.
11. Keep a poker face when you’re touring homes. If you seem too enthusiastic, you lose some of your negotiating power.
12. Don’t skip a home inspection, and ask for seller concessions to help compensate for imperfections.