Whether you’re buying your first home or you’ve made multiple real estate deals over the course of your life, the process can often be overwhelming. There are inspections, appraisals, and paperwork in addition to the time you spend looking for the home that fits your needs. For homebuyers in Louisiana, there are certain mistakes to avoid that can make the process of buying a home smoother.
Spending too much
Before you choose a home, you should go to a mortgage officer who will tell you how much you are pre-approved to borrow. Many people get this pre-approval from their mortgage officers and assume that they should spend that entire amount to get the biggest, best home they can possibly purchase. However, it is a mistake to spend the full amount because your approved mortgage dollars does not include taxes, insurance, and other fees associated with homeownership.
Buying a home when planning to move
Perhaps you work for a company that relocates its employees often or you simply don’t plan on staying in the town you currently live in for the long term. Whatever the reason that you plan on moving, you should avoid buying a home in a city that you won’t be calling home for much longer. Instead of committing to a 30-year mortgage, consider renting a home that meets your needs in the interim.
Not shopping for a mortgage
Different mortgage lenders have different terms attached to their loans. For instance, one lender may offer you a mortgage with 6% down whereas another may require 10%. Spend some time meeting with different lenders and get the best deal you can on the loan you will use to buy your home.
Homebuyers should also consider employing the services of a real estate attorney. This lawyer can go over the paperwork associated with buying a home to ensure that everything is being done according to state and federal law.