Common Mistakes To Avoid When Buying A House
Purchasing a house brings its own set of challenges and big decisions. One of the most crucial decisions in homeownership is choosing the right mortgage. Unfortunately, many homebuyers have preconceived notions about the mortgage application process or miss out on several important factors when shopping for a mortgage. A few mistakes can cost a buyer thousands of dollars and may even jeopardize their entire home buying purchase.
To steer clear of costly errors and help you make more informed decisions, Shahab Shahisavandi - Agent for Dominion Lending Centres Edge Financial #10710 has put together a list of the most common mistakes people make when buying a house and how to avoid them.
1. Assuming you’ll qualify for a mortgage
Obtaining a mortgage is and always will be an overwhelming process. However, whether you’re eligible for a mortgage or not, estimating how much you can afford to borrow is something that only a professional can advise you on.
2. Thinking all savings can be used for a down payment
Most clients have a clear idea of their savings and receivables; however, when there’s a down payment involved, it can get rather complicated. Depending on your application, there are certain savings that can’t be considered for your down payment. On the contrary, in some cases, you may not be aware of the options available to you, which can be added to your down payment.
3. Not applying for a pre-approval
When you’re searching for your next or even first real estate purchase, it’s always a better idea to assess you’re borrowing power by applying for a pre-approval. It would give you a clear idea of your budget, but more importantly, it will help you dearly in your price negotiation.
4. Believing that a mortgage rate is the most important element
While a mortgage rate is incredibly important, there is so much more to your mortgage than your monthly payment. In most cases, a professional can help you better understand your options by sharing your plans with him/her. Portability, refinance options, and so much more should be considered when applying for a mortgage.
5. Not considering closing costs
Unfortunately, we have come across many cases where the last step of your transaction, i.e., the closing costs, are overlooked by clients and they have fallen short. Hiring a professional will allow you to plan ahead and also get a better understanding of your current options.
6. Working without an exit plan
As a borrower, you should always have a plan to become debt-free. A professional mortgage broker can help you plan meticulously to achieve your goal in the shortest time possible.
If you’re looking for the best mortgage broker in Thornhill and Toronto, reach out to Shahab Shahisavandi. As a mortgage agent at Dominion Lending Centres (DLC), I help clients find the most fitting financial solution and ensure they get the best rate and product in today’s marketplace with utmost proficiency.
DLC gives me access to more than two-hundred-and-thirty lending institutions, including big banks, credit unions, and trust companies. My team and I are familiar with a vast array of mortgage products, so you can rest assured that we will find one that meets your needs.
We provide First Mortgage, Second Mortgage, Mortgage Renewal, Refinance, Bridge Financing Mortgage, Home Equity Line Of Credit (Heloc), Mortgage Life Insurance, Private Mortgage, Commercial Mortgages and Leasing, Construction Mortgages, and Credit Repair. We serve clients across the Ontario region, including Thornhill, Toronto, Hamilton, Mississauga, Vaughan, Markham, Oshawa, and the surrounding areas.
To learn more about the services we provide at Shahab Shahisavandi - Agent for Dominion Lending Centres Edge Financial #10710, please click here. If you have any questions about mortgages or purchasing a house, get in touch with us by clicking here.