5 Mistakes You Don’t Want To Make When Buying A Home

Buying a home in Orange County is probably one of the biggest purchases you will ever make. Unlike renting, where you are making a relatively short-term commitment, buying a home is usually for a much longer time. You need more than a "good feeling" to find the right house. You need to be thorough in your house search and you should also shop around for the best mortgage rate you can find. By doing your due diligence and understanding everything about the house and property, you can avoid costly mistakes.

1. An inspection will identify any major problems and the expense to fix them can be used as negotiating tools if you are still interested in the house.

2. If you take out an adjustable rate mortgage, you should know what your refinance home mortgage options are in case interest rates go up.

3. All real estate sales must be done in writing. Make sure you specify everything in the sales contract, including whether the drapes and curtains are included in the sale price.

4. Putting down 20 percent or more when you buy will give you equity in your new home, keep you from having to buy PMI and help keep your monthly mortgage payments down.

5. Everyone wants the big house with the pool, but you must be realistic and stay within a budget. There are many other expenses like utilities, insurance and maintenance that come with being a homeowner. You do not want to stress each month over making the mortgage payment.

Mistakes happen all of the time when people buy, sell or refinance a home. We are here to help you avoid those mistakes when you need a mortgage. For more information about obtaining a home loan in Orange County, please contact an Avis Lending loan specialist

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