Avoiding Common Mortgage and Homebuying Errors, Part 2

avoiding mortgage homebuying errors
Avoiding Common Mortgage and Homebuying Errors, Part 1
May 12, 2020
selecting between new home condo
Selecting Between a New Home and a New Condo, Part 1
July 14, 2020
avoiding mortgage homebuying errors

In part one of this two-part blog series, we went over some of the most common homebuying errors that buyers often make. There are a few potential pitfalls within the mortgage and homebuying world, whether you’re a first-time buyer or an experienced home flipper, and working with a trusted loan officer is one great way to avoid many of them.

At VIP Mortgage Inc, we’re proud to provide these and numerous other home loan services to all our clients. We offer competitive mortgage rates and a wide variety of mortgage loan programs, plus the expertise you need to avoid any bumps along the way. In today’s part two, we’ll discuss a few other mistakes homebuyers sometimes make purchasing their home, whether during the mortgage process or the actual home sale itself.

Major Income Decrease

For some, such as those who work as independent contractors or in freelance areas, income can ebb and flow at various times. If you have any control over this realm, or if you’re aware in advance when your slow season might be versus when you’ll have lots of income coming in, do your best to ensure you don’t see a major drop in income during your home search.

This is because you have a major expense coming up, and income is a major factor in the mortgage rates you’ll receive. For those who have a more stable income, avoid events like a long vacation ahead of a mortgage application that might impact things temporarily.

Skipping Home Inspection

You might be thinking you can save yourself a bit of money by avoiding or skimping on a home inspection as part of your homebuying process, but this is a big no-no. Saving a few hundred dollars, the general cost of a quality home inspection, pales in comparison to the sums such an inspection might save you if it identifies significant issues in the home – often thousands and thousands of dollars. Home inspection should be one area where you never try to save even a few dollars.

Lack of Location Info

As you’re searching for homes, location is a vital factor to be considering. Too many buyers focus on things like amenities and curb appeal while forgetting about important themes like how far the home is from your office, the quality of schools in the area, the crime rate and numerous other related areas that come back to location.

Going It Alone

Finally, as a home purchase is one of the single largest you’ll make in your life, it’s vital to have the proper assistance from professionals in the industry. We’re referring not only to our trusted loan officers who have helped numerous clients with their mortgages and home purchases, but also real estate agents, third-party appraisers, home inspectors and possibly a few others we’ll be happy to detail for you.

For more on how to avoid common homebuying mistakes, or to learn about any of our mortgage services, speak to the staff at VIP Mortgage Inc today.

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