You’ll be commuting to work from that house; your kids will be going to school in that community, and any other activities your family will be involved in will revolve around that community. All these considerations should be in your mind before closing the deal. The buyer should also make a point of being involved. Real estate agents have a complicated job getting their clients the best deal. Therefore, as a buyer, you should also ensure you are part of the whole process and involved in every step of the agreement. Research has shown that most people spend more time shopping for cars than considering mortgages. As a result, many people seeking to buy homes end up paying more in closing costs or a higher interest rate than they might have because they didn’t do enough research or didn’t adequately shop the mortgage market. The real estate mortgage interest rates can fluctuate rapidly due to various financial and market factors. The ever-changing rates can be confusing to almost anyone, and timing is crucial. For instance, one day, the rate might be 5% and the following day it could rise to 5.5%. Many people overlook the shopping aspect and tend to approach a single lender. As a result, these people will probably get their “dream” home, but it may come with a substantially higher monthly mortgage payment than if appropriate and adequate research had been done.
60
Powered by FlippingBook