4 Common Mistakes to Avoid on Home Purchase

Buying a home in Kensington MD? Whether it’s the first or the second time, make sure that you follow right procedure. Otherwise, you will end up making costly mistakes. Your home is going to be an important decision that you should take ever in your life. Therefore, you should avoid common mistakes while doing a search from homes for sale in Kensington MD. Take a look at this post and know what to consider and what to avoid.

Buying a home is both exciting and terrifying process. After all, it’s one of the biggest financial moves most people will make ever. There’s enough room for errors; even a seasoned homebuyer should get some guidance and suggestions on what not to do while making a home purchase.

Here are some of the best things you should never do while searching houses for sale in Kensington Maryland:

Never go for a home search without a realtor.

First of all, you should never go for a home search without a professional realtor in Kensington MD. You can find your dream home by all means. But you have to browse online and take a look at the images of beautiful homes for sale in Kensington MD. It’s a perfect way to obtain a lay of the land.

When things get more serious, you should find a professional real estate agent to help you out in the home buying process. They will guide throughout every step of the process from finding the right home, finalizing a winning offer to negotiating deal and sailing through closing.

In fact, you have to trust completely on your real estate agent. Some home buyers often make the mistake of hiding their budget expectations from their agent. More often, they will be afraid that they will feel pressured to buy a home beyond their set budget. If you’re not upfront with your real estate agent about your expected budget, you may miss out investing in a good quality home.

Never meet with only a mortgage lender.

Secondly, you don’t just meet with only one mortgage lender. Once you find a good real estate agent, you should get pre-approved on a home loan. To accomplish this, you’ll have to meet your mortgage lender and try to fill out more numbers of forms.

This type of paperwork is one of the main reasons why most people meet with only a mortgage lender. But that could be a big mistake for you. It’s highly suggested that you should get at least three estimates from different mortgage lenders so that you can choose from the available options as per your requirements.

This way, you can know what will work best for you. If you really want to make the process easier, you can contact a mortgage broker. A broker can work as an intermediary and will present you the options available from different lenders, making your selection of mortgage broker a lot easier.

Never hold out for the right home.

Most people often throw out “dream house”; but in reality there’s no such thing like a perfect house. However, you have to narrow down a list of must-dos and expectations for your real estate agents. After that, they can pay attention to finding what really matters to you while going for a home search in Kensington, Maryland.

Once you find your home, you should ensure that you don’t make any ridiculous decision. Like most homebuyers, you also want to bargain while purchasing your home. Therefore, you should trust your real estate agent and they can help you assess your home value and suggest you a winning offer.

Never make big purchases before closing.

Once you get the right home and your offer gets accepted, your home loan will require going through underwriting for you to get a mortgage. They will take a look at your credit score to ensure that your credit remains unchanged since you were pre-approved.

Henceforth, you have to avoid taking a new debt during this period like making a new purchase like a new car. A change on your credit score can increase the interest rates for your loan. Even in the worst circumstance, your mortgage application will be rejected.

Bottom Line –

At the end, it’s advised to understand these tips and avoid doing them while moving ahead on the road to buying a new home. As a result, the process of choosing a right one from homes for sale in Kensington Maryland will be a lot smoother than usual.

Author Information –

This article is written by Magnolia Reality, specializes in real estate sales and purchases with experience in listing and selling single family homes, townhomes and condominiums around Maryland and Washington DC.

Author: Aya Netanel

Magnolia Realty is a full-service real estate brokerage servicing Maryland and Washington DC. Our goal is to help home buyers and sellers achieve their real estate goals while keeping as much equity as possible. Our Home Buyer Rebate is the largest Realtor Rebate in both Maryland and Washington DC