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Primary Residential Mortgage, Inc.
10121 N Rodney Parham, Suites C & D
Little Rock, AR 72227
855-474-7169
501-225-5626
NMLS # 3094
Branch NMLS # 252910
Licensed by Arkansas Securities Department 11558
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Equal Opprtunity Lender

Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

Five Most Common Mistakes When Buying a House

Rushing to buy a house for yourself? Perhaps getting a house in cities like Moore gives a person a great sense of accomplishment and responsibility. But diving into a mortgage plan may not sound as good as you think. You might be getting yourself in a financial nightmare if you’re not careful. Getting your own house is more than just getting your own space. Consider it as a financial investment. Knowing some of the biggest mistakes would save you all the trouble of plunging in a financial debt. So what are the most common mistakes that some first- time home buyers do when purchasing their own dream house?

  1.   Forgetting to do a house inspection. Sure, the house looks just the way you imagine it to be. But its interior may not be as good as you think. Check if there are any damages to the interior. Make sure that every part of the house is in good condition before signing the contract. It’s always best to be more careful, especially if you’re going to live in it for years to come.
  2. Taking the seller’s word for it. Trusting a verbal contract is probably one of the most common mistakes that new home buyers do when getting their first house. Sure, you had an agreement, but you can’t hold on to it, especially if somebody else outbids you. It’s always best that you have a tangible proof to back you up if in case this happens. A tangible contract is the best way to seal the deal, especially if it’s signed by both parties.
  3. Following ALL of the realtor’s advice. It’s a fact that realtors know almost everything about mortgage and real estates. But not all brokers should be trusted at all times. Make sure that you know whose interests they represent. Some sellers hire an agent to help them sell a home. You might even encounter one of them as you go through all your searches. Take note that they might downplay the negative aspects of the house so be careful.
  4. Forgetting to check all the hidden charges. You may have done your house inspection and took all necessary measures to make sure that you’re getting the best deal. But you were shocked to find out that there are other costs associated with purchasing the house just as when you’re about to close the deal! There are several hidden fees that some seller’s would most often tend to leave out unless asked. So it’s always better to do some research before signing the contract.
  5. Not realizing the value of your real estate. As an excited first- time house buyer, selling the house may not have crossed your mind yet. But things can happen in years to come and selling your house may be the only option you’ll have. So check the value of your real estate and make sure that the house is in a nice location.

These are just some of the things that you might want to keep in mind before getting your own house. Getting a house is not just getting a space of your own, it’s a financial investment. So make sure that you invest your money wisely.

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