- February 15, 2018
- Posted by: Michael Meyer
- Category: Connecticut
Hello everyone, I am Ramazan Sinani from Northeast Financial of Middletown, Connecticut. And today I want to share with you some common mistakes that borrowers make when buying a home.
1. Not getting a Mortgage Preapproval!
– The last thing you want to happen is to spend months searching for a home that you fall in love with, only to find out that you cannot afford it. To avoid that, contact a loan officer and work on getting a mortgage preapproval before searching for a home. This will narrow down your search to what you can afford. It also saves you valuable time and gives your Loan Officer information to determine what Loan Product is most suitable for you!
2. Not being prepared for added Costs
– Do not make the mistake of coming up short with cash at the time it is needed. To avoid this be prepared for other costs by doing research or check with a Loan Officer to make sure you have enough for a down payment and the added costs that come with financing. Such as the appraisal, attorney fees, and Escrow costs!
3. Skipping the Inspection due to completed appraisal
– The mistake here is skipping an inspection because the appraisal was completed. You never want to purchase a home full of surprises such as electrical, heating, or plumbing issues. Or even a damaged foundation! Yes an appraisal is technically a kind of inspection but it serves a different purpose so it doesn’t consider other important factors. An Inspection is a more thorough review of the homes condition. Although it is not required it is definitely recommended and will provide you with peace of mind!
For a free mortgage preapproval or mortgage consultation please feel free to call or text me at any time!
Mortgage Loan Originator
NMLS: 1590862 Company NMLS: 117273
Cell: 203-695-6858 Fax: 203-413-6240