Summer Buying: 7 Mistakes to Avoid

With a low supply of homes for sale and a rising demand for housing, potential buyers can’t afford to make mistakes in this hot seller’s market.

If you’re considering buying a new home this summer, here are seven critical mistakes you’ll want to avoid:

1. Waiting for the best interest rate. Although interest rates have gone up and down a bit lately, they’re still within range of historic lows. If you try to play the waiting game to get the best interest rate, you may end up missing the boat on the low rates.

2. Not staying the course in terms of your finances. The key to securing a mortgage is to avoid any major shakeups in your finances such as changing jobs, making a major purchase, moving around sums of money, or opening/closing lines of credit.

3. Not getting pre-approved for your mortgage. With a pre-approval, you’ll know how much you can afford in a mortgage. Also, a pre-approved is important because it shows the home seller that you are serious about buying and have the backing of a lender.

4. Not understanding the market conditions. Although your real estate agent will help you with this, you should have a working knowledge of the current conditions in your area and the market in general.

5. Looking for what you want instead of what you need. What you want in a home is certainly important, but what you need in a home should be the biggest consideration. Don’t compromise your needs in favor of a couple of flourishes.

6. Spending more than you can afford. Even if you’re approved for more, don’t take on a mortgage that may put you in a bind. Also, make sure you can afford furnishing your new home and the day-to-day maintenance.

7. Buying a home in the wrong location. You can change just about anything in your new home—except its location. Make sure the neighborhood and overall area is right for you.

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For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.

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