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Top 6 Don'ts Before Buying a Home

There are plenty of considerations when it comes to buying a home. Because there is no shortage of things you should do, sometimes it helps to think about things you shouldn't do! This list will hopefully shed some light on the top "dont's" when it comes to buying a house. Get in touch with the team at CalSun Mortgage to learn more.

Tip #1

Don’t anticipate and guess about your new purchase transaction and loan, especially if you are a First Time Homebuyer. You would have many unanswered questions about it and real estate in general. Contact mortgage professional at CalsunMortgage, who would answer your questions, explain the purchasing process, and lead you in the right direction.

Tip #2

Don’t make other people’s mistakes and lose time and thousands of dollars rushing yourself into shopping for your new dream home, (even you like it so much), hiring a realtor, looking for the property, spending money on credit report and appraisal, depositing thousands of dollars in escrow and then losing it all - instead of moving into your new house.

Tip #3

Don’t start to look for a new home or hire a realtor until you talk to a mortgage expert at CalSunMortgage. After evaluation of your credit, tax returns, and bank statements they will establish your purchase price and the value of your future home in the area. In addition, they will let you know for what loan amount and under what terms you can qualify, (or not) and afford to borrow.

Tip #4

Don’t hire any realtor — the realtor’s experience, knowledge, and expertise are crucial to the successful handling and closing of your purchase transaction. Remember that you are represented by an individual, and the fact that he/she works for a big, known office does not add any more experience or knowledge to his/her professional background. Please go to the next paragraph and see why you should hire a real estate agent to represent and assist you with your purchase. Because of our vast experience and expertise, one of MIM Realty’s associates will be your best choice.

Tip #5

Don’t try to do the things on your own and act on your own behalf in your purchase transaction without a legal realtor’s representation. The real estate residential transactions are complicated and heavily regulated by the government in order to prevent fraud and other wrongdoing. You have to be a licensed real estate expert to comply with all regulations and procedures. Also, your agent must know how to communicate and negotiate with the listing's (seller’s) broker for the best deal possible. They have to be a liaison between you and other service providers involved in the transaction and to inform you at any step all the way to closing. Another advantage of being represented by a realtor is that usually as the buyer you don’t pay any compensation to him/her for the services provided. All sales commissions, while they are negotiable, in most cases paid by the seller.

Tip #6

Don’t make changes in a regular path of your finances and employment when you begin to look for your home without notifying your loan officer about all changes in advance, before the fact, and without any surprises. This information is crucial to your lender. Nobody can deprive you of moving to a better job or buying a new car and paying off the old one, which sometimes may work to your advantage, especially when you have complete paperwork and reasonable explanations. However, if you intend to change your banks, receive large sums of money or borrow, that may affect your loan approval. Please discuss these changes with your loan officer before to see if they would be appropriate for your loan.