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What Are the Top Home buying Mistakes?

The Top Ten Home Buying Mistakes:

1) Not getting qualified for a mortgage first
2) Buying with your heart — not your head
3) Doing due diligence on the neighborhood
4) Not understanding closing costs
5) Not having cash on hand for unexpected expenses
6) Forgetting about operational costs
7) Skipping the home inspection
8) Not using a buyer’s agent
9) Diving into remodeling
10) Hoping to Cash In

Read more here: Top Home Buying Mistakes

As you can see, a lot of these mistakes have to do with finances. Sometimes, before even starting the pre-qualification process, a potential homebuyer should first be considering how to eliminate their negative, high-interest rates. When you go into a major purchase, like a new home, you need to make sure your debt-to-income ratio is in check an in alignment with the criteria for most mortgage banks. In many cases, your debt can even be reduced through debt relief options like debt settlement in order to have more cash for closing costs, unexpected expenses, operational costs, etc. And after your debt is reduced to become more manageable, your credit scores can be quickly rebuilt to help you qualify for even lower rates.

If this is you, contact an attorney who can help you you reduce and eliminate that debt so your funds can be put to good use. Also, if you are considering buying a home, but you have negative, delinquent debts tarnishing your credit report, contact an attorney who can help you eliminate those debts so your credit score can recover.

 

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.