Biggest Buyer Mistake
Hi. Janice MacMillan, broker owner for Signature Choice Realty. I want to share the biggest mistake I see buyers make when preparing to purchase a home. The biggest mistake is not speaking to a lender first and figuring out how much home they can afford. Without first knowing how much you can afford, you may be wasting your time. You could end up looking at homes you can't afford or visiting homes that are below your optimal price level. For many first time home buyers, the goal is to buy a home with a comfortable mortgage payment and one that won't keep them stressed out. The best way to avoid this mistake is to consult with a mortgage lender. They will look at your credit and income and help you determine what price range is affordable for you. It's also a good idea to get several quotes on rates.
Shopping for a mortgage is a lot like shopping for a car or any other expensive item. It pays to compare offers. Mortgage interest rates vary from lender to lender, and so do their fees such as discount points and closing costs. But you say, "I don't want multiple hits on my credit for shopping rates." Mortgage applications within a 45-day period count as one credit inquiry. But according to the Consumer Financial Protection Bureau, almost half of borrowers don't shop for a loan.
So if you're looking to purchase a home in the near future or looking for a fabulous lender recommendation, please reach out to us at (229) 249-5339. We would be thrilled with the opportunity to serve you.