You’re ready to call yourself a homeowner, so you start doing research. You already know the terms, maybe you are even pre-approved, but all of that research has most likely wound you up into a pit of mistakes.
First time home buying should never be done solo, especially in today’s market. And, while you may feel you know what you are doing, you may want to consider these top mistakes made by new homebuyers to this day.
Going to the No-Money Down Seminars
You’ll hear about these on the radio and even TV. They advertise how you can get a house with no money down and buy it yourself. What they don’t tell you is they are selling you an e-course that you will have to buy at the seminar – and the information in these courses is nothing compared to the value in just hiring a professional.
Choosing the First Real Estate Agent You Find
There are a lot of real estate agents out there, and unfortunately, it is hard to tell which ones are good and which are not. That is why it is best to interview real estate agents, ask for referrals and make sure you’re dealing with someone reputable. Anyone can get a real estate license, so you have to do your due diligence to make sure your picking a good one.
Using Your Retirement or Savings for a Down Payment
While you will obviously have to save something for a down payment, wiping out your retirement fund or savings account just to get a house is not worth it. Even if you don’t plan on retiring for 40 more years, erasing what little retirement savings you have will come to bite you in the end.
Not Shopping Around for Financing
Just because one lender approves you doesn’t mean you shouldn’t shop around. Every lender is different – and you could find a better rate and even a lower down payment requirement just by shopping around. Because you will have that home loan for 15 to 30 years, you can’t afford to just pick the first person you find.
Also Read : Title Search: The Benefits and How it Works
Not Doing a Title Search
While most lenders require a title search, some still don’t. If you don’t do a title search, you won’t know if there are pending liens on your home, debts against the owner, or if the owner is really even the owner. Never skip a title search – regardless of how much money it will save you.
Contact the Title Experts in Miami Now
Title Lab is here to help you with your title search, insurance, and even your real estate closing. Our title experts can answer your questions regarding title searches and insurance or even regarding escrow. Call now at 305-440-4150.
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