Dream, plan and research all your options, so you make a smarter purchase.
Purchasing a home is one of the largest investments you’ll make.
Avoid common mistakes with these four valuable insights.
#1: Get pre-approved first.
House hunting is the fun part of homebuying, but looking before getting pre-approved can break your heart when the home you fall in love with doesn’t fit in your budget. First, and most importantly, get pre-approved for a loan. Then focus on neighborhoods in your price range. You’ll save time and heartache.
#2: Don’t get pre-qualified at your maximum loan amount.
This is a potential set up for financial hardship. Loan eligibility is based on your earnings before taxes and withholdings. Your monthly mortgage payment comes from your take home cash. What you qualify for and what you can actually afford to pay each month may be different depending on your living expenses and spending habits. Ask your lender to factor your budget into your pre-qualification. Determine a comfortable payment you can afford that will also allow you to save money for emergencies or other financial goals.
#3: Shop local, in person.
Scoping out the field online can provide a general idea of current rates and options, but this is a major financial decision. Speak directly with a local banker or two. They’re informed on specific loan options available in your particular area. Plus, they can tailor a loan estimate to your individual needs.
#4: Buy for tomorrow.
A home that fits your needs today may not later if you decide to have kids or change careers. Know your personal and family goals and shop with them in mind. Choose a home to grow in and one that will sell when it’s time to move.
Don’t rush to buy a home. Dream, plan and research all your options, so you make a smarter purchase. Feel free to call me, Kenneth Wohl, at 405-608-5291 or email eat0@eau0eav0eaw0 if you have questions, even if you are not a customer.
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Opinions expressed above are the personal opinions of Kenneth Wohl and meant for generic illustration purposes only. For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB, RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151. Kenneth Wohl NMLS #453934.