Providing home loan mortgage financing in Lake, Geauga, Mahoning, Columbiana, Erie, Sandusky, Seneca, Wyandot, Putnam, Hancock, Ottowa, Fulton, Williams, Henry, Defiance, and many more Ohio counties.
Providing financing in Lucas, Cuyahoga, Lorain, Medina, Wood, Summit, Montgomery, Licking, Deleware, Warren, Hamilton, Butler, Franklin, Fairfield, Stark, Wayne, Knox and many other Ohio counties.
Providing home mortgages in Findlay, North Ridgeville, Highland Hills, Beachwood, Moreland Hills, Ashtabula, Rock Creek, Delaware, Franklin, Brunswick, Geauga, Grafton, Lorain, Green, Bath, Sandusky, Port Clinton, Huron and many other Ohio communities.
Providing mortgage financing in Cleveland, Cincinnati, Toledo, Bowling Green, Columbus, Akron, Canton, Avon, Strongsville, Avon Lake, Solon, Dayton, Medina, Wooster, Youngstown, Alliance, Mentor, Elyria and many other Ohio cities.

Avoiding Mistakes When Buying a Home

Avoiding mistakes when buying a home is very important to do. Learn from people who have bought homes and find out about common mistakes that people make and how to avoid those same mistakes when you are ready to buy a home. Learn from others and don't fall into the same trap that they did. The first mistake to avoid is buying a home that is out of your budget and over extending yourself. This can be very easily done and should be avoided at all costs. Find out how much of a mortgage you can afford within your current budget and stick with a mortgage that provides a payment of that much or less than what you can comfortably afford. Just because you get pre-approved for a certain amount does not mean you need to buy a home for that amount. Stay within your means and buy smart.

Getting a loan from your real estate agent or the mortgage company in the real estate agents office may not save you any money. It has been my experience that some realtors are not educated on the financial side of purchases and could ultimately hurt the borrower in the long run. It could also be a lot more expensive. Competition drives down rates and closing costs, using your realtor eliminates that competition.

Because your home is the largest investment you will probably make, the emotional roller coaster you will experience is natural. An important step would be to involve yourself with a team of real estate and mortgage professionals who will undeniably work on your behalf.

Often times people buy to much of a home, and they end up falling behind on the payments. Be sure that you can afford and are comfortable with what your mortgage payments will be, before you take control of the house. If you already own the home, and are having trouble making the payments, then there are certain ways to refinance and alleviate some of your mortgage burden.

One big mistake is trying to buy a home without first being pre approved for financing by a mortgage broker. Without pre approval your offer is weaker and will often times be turned down by the sellers.

Make sure that you compare what other homes that are comparable to the one you are buying have sold for. You realtor should be able to provide you with this information.

Ask about who, or what title company, will be doing the closing for your loan. Ask if you can get a list of their fees upfront because many times your mortgage broker will be able to have one of their title companies that they use often, meet or beat the costs of the realtor's preferred title company. You can usually request to use a certain title company in your purchase agreement and as long as the seller agrees to it, everything is fine.

One major mistake is not getting your home inspected. Hire a good, experienced home inspector. You and your real estate agent may not know how to inspect a roof or a furnace or a foundation or check for mold.
Ask the seller to pay for a home warranty. It only costs a few hundred dollars to warranty that the house is in the condition the seller says it is.

Many people make the mistake of getting emotionally attached to a home they realistically cannot afford. One way to prevent this is to speak with your preferred mortgage professional prior to shopping for a home. This way you will know your price range and be ready to make an strong offer when you find the right place.

The biggest mistake any of my borrowers have made is being afraid to walk away from a deal or the negotiations. If you find a house you love but you are having problems with negotiations, or the buyer's real estate agent, or getting problems found in the home inspection rectified, don't be afraid to walk away. It might be just the tip of the iceberg, and once you are in the home it is too late. There will always be more homes for sale.

A big mistake to avoid when looking to buy a home is make sure that you read your purchase agreement in full. Pay attention to all of the details listed on the purchase agreement. Pay attention especially to the dates listed on there. If you sign a purchase agreement stating you have to close on the loan by a certain date but you will not get your keys for 2 weeks after that date and you are selling you own home and have to be out of your house before you are able to get your keys, this could cause major problems. Timing is a key element in a buy-sell transaction for all parties involved. Timing affect yourself and the buyers of your home, the sellers of the home you are buying and the seller of the home they are buying, and so on down the road. Proof read your purchase contract before signing and if possible you may even want to consider having an attorney look it over for you. The purchase agreement is a legally binding agreement for a large investment. You can lose your earnest money if you back out of the purchase agreement for a reason that is not acceptable to your contract. Ask your Realtor what ways you can get out of the purchase agreement and if they can show you where it states that on the purchase agreement. The purchase agreement should be contingent upon receiving a satisfactory appraisal of the home for a value that is at least equal to the purchase price. So don't be afraid to ask questions or ask a professional for help.


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