3 Mistakes Buyers Make When Looking At Buying a Home

Now that we know why the real estate apocalypse is not taking place and that it is not happening. Let’s discuss the three most common mistakes people make when looking to purchase a home during this quarter of the year These mistakes will not only create some issues for you but can also make you not eligible to buy a home for at least a year

■ Buying A New Car

The most common mistake consumers make is purchasing a car on credit. Contrary to what you might think, you are not getting a good deal. At least not in the long run. It will be complicated to obtain financing before settling the car’s debt. Therefore, we advise that you postpone purchasing that car for the time being if you want to buy a house and obtain financing.

Or purchase the vehicle because it is a vehicle you have longed to own. In any case, you must be sure of your priorities. However, a car cannot be compared to a home, if you ask us.

■ Making Large Bank Deposits

The second common mistake we see people make when looking to buy a home is making large bank deposits too quickly This is highly suspicious in the eyes of both the bank and the feds. They will delay your loan application until they have solid proof that the money in your accounts is legitimate.

They want to avoid things like money laundering and funding for terrorist acts. But don’t get too worked up about it; it’s a standard and necessary procedure, and as long as you can provide proof that the money you have is yours and comes from a legitimate source, you’ll be fine.