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Buying Residential Property

Parc Clematis | Singapore view, Condo, Clematis

If you want to buy a house for the first time or are newly married and happy to buy a house, avoid these common mistakes:

Mistake 1: Failing to check your credit report. Before applying for a mortgage, obtain a copy of your credit report. You are entitled to a copy of the three major credit companies report. Take the time to check how you will be able to close gaps before applying for a loan. Good credit is crucial to getting the best mortgage deal to buy a property. The better your credit history, the more competitive will be the mortgage rates that you receive.

Mistake 2: Failure to obtain prior approval before house hunting. A pre-approval indicates where you stand financially and can save time by looking at homes outside your reach. It also reveals your mortgage lender that you're ready to go to a seller that you are interested in purchasing. Prior approval also speeds up the buying process. In addition, getting a pre-approval tells the potential property sellers that you are serious about buying property and if they know that you are already approved for a mortgage, they are more likely to treat you seriously and potentially open to any price negotiations. Read this article parc clematis

Mistake 3: Too much money on your mortgage. This is equivalent to leveraging too much money on a property investment business. Be realistic and make sure you can afford to buy a house. Don't put yourself in the position to pressure yourself into buying a house, if you can not afford as this is a recipe for future financial trouble.

Mistake 4: Research on property buying programs thoroughly before buying. Sometimes, home buyers have no idea about the programs of homeownership available the first time around. These can save you money by reducing the amount of your deposit. This program can also help you obtain the approval of a loan if you have adverse-credit. Consider all alternatives and options before you make a choice. Ask a professional to discuss these plans with you and select the program that best fits your needs.

Whether you're a firs time buyer or second time buyer, buying a house is always an exciting prospect. Refrain from short-changing the process or you could end up paying more on your property and mortgage than necessary. It is always wise to conduct as much research as you can to give yourself the best chance of getting the most suitable property deal for your circumstances.





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