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Malibu Homes

November 18, 2009

When purchasing you first home it is fital that errors are not made. This is true in every market and includes if you are looking at Malibu homes in California.

Let’s face it, it seems almost impossible to absorb everything there is to know about the purchasing a home.Here’s a list of home buying mistakes that could be made by anyone.

  • Using the home inspector recommended by your agent. It is best if you choose your own real estate inspector.
  • Listening to advice about what you can afford.Your agent, your mortgage broker, and your lender will probably advise you on what you can afford to pay for your mortgage.Just because these professionals are highly experienced doesn’t mean they know your financial situation better than you.This is why knowing you personal financial situation is so important to you the home buyer.You need to be very familar with your budget and know how much you can afford to spend on a mortgage and other home owner expenses.Be sure you are confortable with the amount you are told you can spend on your mortgage.
  • Opening or closing credit accounts.Either of these actions will affect your FICA(credit) score, which is used by lenders to determine your credit worthiness.Leave all of the credit cards and lines of credit alone, and do not apply for new credit until you’ve been approved for the mortgage.Then you can open any credit accounts at your discretion.
  • Not investigating the neighborhood.This is where you are going to be living for the next 10,15, 20, or possibly the rest of your life.Shouldn’t you find out as much information about the neighborhood as you can before ending the escrow?Be sure and visit the larger neighborhood at all times of the day to get a feel for what goes on throughout that day.Speak to some of your potential neighbors and find out how they like the community and the direction they feel it’s going.

Of course you want your home buying process to go as smoothly as possible.Most home buying mistakes can be avoided, always take steps to prevent the big mistakes from occurring.

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