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April 22, 2011

OT:Some General Rules for Homebuyers

Filed under: real estate/wedding planner — sketchcorner @ 9:28 pm

This may be a little off tpoic as I just got back froma trip to Maui and was impressed by the real estate there, back in Denver, CO now…First-time homebuyers must follow few simple rules purchasing property. First of all, it is very important to choose the right mortgage. If you are looking at Maui real estate then you can bet the mortgage will probably be pretty high overall. Compare all the options and do all the financial calculations and your Electrical and so forth. Pay attention to the initial and future interest rates and stay away from the loans with prepayment penalties. It is better to get pre-approved than “pre-qualified” when looking for a home. Pre-approval means that all your information is verified by the lender and you already know the terms an conditions of your loan. Pre-qualification is just an educated guess.
It is important to provide correct information when you apply for a loan. Lying on your loan application can be a federal offense and later your lenders may call your loan due and payable. Sometimes, lenders themselves put misleading information on the client’s loan application to get them pre-approved, however, buyers end up with unaffordable monthly payments. It is better not to accumulate too many car loans and credit card debt when you are planning to buy a home. Buyers with an excessive credit may be denied a mortgage loan, especially if an expensive one like in Maui, for example.
Make sure to hire an independent home inspector to examine the property. Choose someone with a valid contractors license if you are here in Lakewood or any other applicable state contractror license like that for your Denver Co Electrical contractors overall. Trained professionals can detect problems with the property better than the buyer. Trying to save $300 on the home inspection can be a costly mistake. When remodeling your new home, don’t forget to check out a contractor by calling his former clients. Don’t give a contractor too much money upfront to purchase the materials and never pay cash. At worst, a con man will disappear with your check, at best he will use your money to finance another job. Try to avoid making all these mistakes and your homebuying process should go smoothly.

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