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The 5 Dumbest Mistakes Smart People Make When Buying a Home – and How to Avoid Them
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Mistakes
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Prevented By
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1. Not knowing how much they can afford to pay for a house before they make an offer.
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Get pre-qualified for a mortgage from a Lender, so you know in advance exactly how much you can afford.
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2. Not finding out in advance whom the real estate agent represents.
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Asking your Realtor. Most people think their agent is working for them. But unless the agent is working as your buyer representative, he/she represents the seller.
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3. Not realizing that the wrong mortgage can cost thousands of dollars in unnecessary interest and taxes.
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Consulting with a mortgage consultant, accountant, and/or financial planner before making a final decision on which mortgage to choose. CPAs can tell you the long-term effects on your income.
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4. Not discovering hidden defects before buying a home.
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Hiring a professional to conduct a pre-purchase home inspection.
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5. Not knowing how debt can affect their ability to buy or refinance a home.
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Asking your mortgage professional to help you review and repair your credit file in advance.
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