If you’re considering a home purchase in Des Moines Iowa or Lincoln Nebraska , there are several deadly home buying mistakes you should be aware of, so you can be sure you can avoid these mistakes. These mistakes are common and cost home buyers thousands upon thousands of dollars every year. These mistakes are buying too much house, not having padding for hidden costs and not getting the house inspected.

Mistake #1 – Buying Too Much House

This is by far the most common real estate buying mistake in Des Moines Iowa or Lincoln Nebraska . Most people believe that lenders will only approve you for as much house as you can afford. For example, they may pre approve you for up to $500,000. That does not mean you should buy a $500,000 house!

Instead, it’s important to calculate how much you can really afford. Make this calculation both based on the down payment and the monthly payments. Be conservative with these numbers.

Mistake #2 – Not Accounting for Hidden Costs

Closing costs, inspection costs, repairs and last minute costs tend to always surprise buyers. Buyers who go into a real estate transaction with only enough money for a down payment often run into the problem of not having funds for last minute costs.

To save yourself the stress, save yourself money and improve your home buying experience, it’s important to have some spare padding cash to help ensure the home buying process goes smoothly.

Mistake #3 – Not Having the Home Inspected

Having the home youíre buying inspected is absolutely crucial. Although this may seem like common sense, thousands of lawsuits are filed every year over property issues discovered after the purchase that could have been found if the buyer had just gotten an inspection.

The few hundred dollars an inspection costs are well worth the money. On top of the inspection report, you also get to ask the inspector any questions you need about the plumbing, electrical systems and foundations, so that you can really get peace of mind with your purchase.

There is a lot of free information available to you about buying, selling or investing in Des Moines Iowa or Lincoln Nebraska  real estate. For complete information about the Des Moines Iowa or Lincoln Nebraska  real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Des Moines Iowa or Lincoln Nebraska  real estate at [Profile.website]. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call my office at 515.276.2872 and ask for a professional RE/MAX agent.

Step 1 – Improve Your Credit Before You Apply (Optional but Recommended)

If you’re applying 1-2 months before your purchase, it could be difficult to improve your credit. However, if you know you’ll be buying your house in 6 months, it’s a great idea to start improving your credit now so that you can get a lower interest rate when you do apply for your loan.

Step 2 – Find a Good Lender in Des Moines Iowa or Lincoln Nebraska 

Working with a good lender and a good loan officer is vitally important. Your loan officer is the person who will ensure your loan process goes through smoothly. Naturally, you want someone competent, experienced and professional to work with.

Step 3 – Understand Your Mortgage Options

Although a good lender in Des Moines Iowa or Lincoln Nebraska  will explain your loan options for you, it’s still important to go in to the loan process prepared. 

There are a wide range of different loans available, from fixed interest rate loans to adjustable rate mortgage loans and everything in between. Visit your lender’s website before meeting with your lender to see what kind of loans your lender offers. Do your research on your loan options so you can have an educated discussion with your loan officer.

Step 4 – Go in Prepared

Once you have your credit in good order, you’ve found a good lender and you understand your mortgage options, it’s important to understand what else your lender is looking for.

What is your debt to income ratio? How much of a down payment are lenders asking for with people in your financial situation?

As you can tell, when it comes to mortgages, it pays to do your homework.

There is a lot of free information available to you about buying, selling or investing in Des Moines Iowa or Lincoln Nebraska  real estate. For complete information about the Des Moines Iowa or Lincoln Nebraska  real estate market including current homes for sale, mortgage tips and more please visit the most complete website online dedicated to everything Des Moines Iowa or Lincoln Nebraska  real estate at.  So please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions.

Question #1 – What’s the Most You’ve Negotiated from a Purchase Price in the Last Year?

Perhaps the most important skill a HUD approved buyer’s agent should have is the ability to negotiate. The differences in skill in this area will cost you or save you thousands of dollars. Make sure the HUD approved buyer’s agent you work with is able to negotiate well for you.

Question #2 – How Familiar Are You with the Des Moines Iowa or Lincoln Nebraska Real Estate Market?

It’s very important to work with a HUD approved buyer’s agent that’s familiar with the Des Moines Iowa or Lincoln Nebraska  area. After all, this person is going to be responsible for showing you houses and purchasing a house in the Des Moines Iowa or Lincoln Nebraska  area.

Question #3 – How Much Experience do You Have as a HUD Buyer’s Agent?

Generally, you don’t want to work with a new buyer’s agent. You’re making what’s possibly the biggest investment of your life, so it’s tantamount that you work with someone who can best assist you in the process.

Question #4 – How Strong is Your Real Estate Network?

Another reason it’s important to work with someone experienced in the Des Moines Iowa or Lincoln Nebraska  area is that you can take advantage of their contacts.

For example, what if you needed a good recommendation for a lender? Perhaps you need a home inspection, or a home appraisal?

A good HUD approved buyer’s agent should have a strong network of contacts that you can tap into.

Question #5 – How Many Transactions Have You Completed in the Last Year?

Real estate agents sometimes work part time and sometimes work full time. Ideally, you want to work with a HUD approved buyer’s agent that’s fully immersed in the business. This gives you access to more experience as well as more dedication power.

Hiring a good HUD approved buyer’s agent can save you a lot of time, mental energy and save you money as well. Choosing a good HUD approved buyer’s agent in Des Moines Iowa or Lincoln Nebraska  might take some upfront work, but its well worth the effort.

There is a lot of free information available to you about buying, selling or investing in Des Moines Iowa or Lincoln Nebraska  real estate. For complete information about the Des Moines Iowa or Lincoln Nebraska real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Des Moines Iowa or Lincoln Nebraska  real estate. Please feel free to contact us with any of your HUD Home and other real estate or mortgage related questions and we will be more than glad to answer your questions.