One comment on “First Time Home Buying Mistakes

  1. John, good information. Please do a post elaborating financial terms. Such as interest rates and how credit rating impacts best rate . Understand the percent of household budget guideline when determining how large a house payment is comfortable over all. Pre approved loan processing is an excellent tool in bargaining and in protecting against over buying. Approval of buying $ power does not always align with personal budget. Too many first buyers got in trouble purchasing more house than they could afford even when approved.
    Consider Real Estate taxation in the area and proposed growth. Experienced taxation escalating on a our house. Established 1991 in Illinois at purchase tax 3, 000. In 5 years it was 5.000 today it is 9,000 a year
    Explain PMI what it is, why it’s added, and why the home owner must notify the lender when the number of years are met and the required percent of down payment is met . The Lender Is Not required To Notify Buyer To Remove PMI when conditions are met.
    Caution emotional buying. This house may meet your desired wants but emotion leaves us vulnerable to decision making. Stay pragmatic to maintain a sensible buying position.
    From experience and some poor decisions.

    Like

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