My Mortgage Blog

Buying a house should be exciting but it can get pretty stressful at times.  Now, with new mortgage rules, that stress might get worse. You may worry you won’t qualify or you’re not sure if your down payment is enough. Some may not even know about the mortgage rule changes and the impact it might have on them. 

There may be uncertainty about house prices and about interest rates. Not only that, some of the big worries occur after moving in and finding un-anticipated problems.  

While the house-buying process can be overwhelming for first -time homebuyers and even for move-up buyers, it doesn’t have to be if you put together a team of experts who can guide you through the entire process.

It starts with a mortgage professional who will look at your finances, including your credit score, discuss your goals, and find the best mortgage for your unique situation. Everyone’s situation is different and a mortgage broker is familiar with most situations and can offer you options. If you don’t qualify because of the new rules, then I can help you formulate a plan so you can eventually qualify.

For those of you who don’t understand the new rules – I am just a call or email away from explaining all the changes and how they might impact you. 

When you’re ready to start house hunting, with a pre-approval in hand, you can confidently work with a Realtor to find the right house for you. 

A recent report on the Psychology of House Hunting found that, on average, a home buyer spends five months house-hunting and visits 10 locations before deciding to buy. It’s certainly a good idea to take your time to make sure to get the house that’s right for you. 

Once the Offer to Purchase is made, working with a lawyer is the best way to make sure there are no surprises at closing. The bottom line is to take your time, work with professionals and do some research. 

Here are five un-anticipated problems home buyers might make:

  1. Not getting pre-approved. Without a pre-approval you’re actually going into the home-buying process blind. You won’t know what you can afford or if you even qualify for a mortgage.
  2. No Home Inspection. This is a must, especially in older homes.
  3. Not budgeting for the increased costs. Home ownership comes with additional costs that you don’t have when renting. In addition to mortgage payments, you will have property taxes, higher utility bills, home insurance and extra costs for maintenance and repairs.
  4. Not knowing the closing costs. A lot of buyers forget about the closing costs, which includes land transfer tax, title fees, the lawyer’s fee, etc. Don’t get caught short.
  5. Forgetting about future needs. If the home you’re purchasing is a starter, then perhaps a two-bedroom will work for you. However, if you plan to start a family, you might want to look at a three bedroom. Or if you there any other possible living arrangement changes, make sure to factor those in.