Top 10 Mistakes People Make When Buying a Home; Advice from BestRate.com Aims to Help Consumers Protect Their Biggest Investment.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- BestRate.com (www.bestrate.com), a leading provider of mortgage rate information, has helped a multitude of consumers with their biggest investment -- a home -- since its establishment in 1992. As it approaches its thirteenth year in business, BestRate.com continues this tradition of helping consumers make informed decisions by sharing its "Top 10 Mistakes People Make When Buying a Home." "BestRate.com has been instrumental in helping many Americans purchase their dream homes for well over a decade now," said Chuck Hoover, senior vice president of marketing for BestRate.com. "We want to further educate consumers about what to avoid, and in doing so, they can perhaps save thousands of dollars and many headaches over the years to come." A summary of the Top Ten Mistakes is below and the complete list can be found on www.bestrate.com.
1. Looking for a home without pre-approval. Being pre-approved can
make the difference between buying and not buying a home -- and --
can possibly save buyers thousands of dollars as a result of being
in a better negotiating position.
2. Making verbal (oral) agreements. Because written contracts almost
always override verbal contracts, do not sign any document that is
contrary to verbal commitments. When buying or selling a home,
always get it in writing!
3. Choosing a lender because they have the lowest rate and not
getting a written good-faith estimate. While rate is important,
consider the overall cost of the loan, which includes APR, loan
fees, discount and origination points. Some lenders will include
some, all or none of their points or fees in their quotes.
4. Not shopping around for a mortgage. BestRate.com recommends
shopping around for at least three mortgage companies before
making a decision.
5. Not getting a rate lock in writing. When a mortgage company says
they have locked a rate, consumers should obtain a written
statement with the interest rate, the length of the rate lock, and
other particulars of the program.
6. Using a dual agent (an agent who represents the buyer and seller
in the same transaction). Since sellers want the highest price and
buyers want the lowest, dual agents cannot be fair to both of
them.
7. Buying a home without professional inspections. Taking the
seller's word that repairs have been made. Unless a new home with
warranties on most equipment is being purchased, property, roof
and termite inspections are critical.
8. Not shopping for home insurance until you are ready to close.
Start shopping for insurance as soon as you have accepted an offer
so you have time to compare before closing.
9. Signing documents without reading them. Do not expect to read all
the documents you need to sign during the closing. Try to review
them before the close, including a copy of all loan documents.
10. Making moving plans that do not work. Oftentimes, loans do not
close on schedule. To avoid the disaster of not being able to move
from one home to another, schedule movers at least five to seven
working days after the anticipated closing date.
About BestRate.com BestRate.com delivers instant intelligence about the best available mortgage loan rates and programs in all 50 states. The website offers constantly updated loan rates from hundreds of lenders, as well as easy-to-digest consumer information about mortgage terms and loan types. With just one click, a consumer can compare rates on different loan products from dozens of lenders. For each lender, consumers also see points charged and when the rate was last updated. BestRate.com is a premier website property of CarsDirect. Los LOS Length of stay, see there Angeles-based CarsDirect is a leading operator of a growing portfolio of Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the media and ecommerce See e-commerce. sites for "large ticket" consumer categories. Through the company's two automotive websites, CarsDirect.com and Autos.com, the company offers product and pricing information, new and pre-owned automobiles and related products and services. In recent months, CarsDirect has added to its rapidly growing portfolio of consumer services Consumer Services refers to the formulation, deformulation, technical consulting and testing of most consumer products, such as food, herbs, beverages, vitamins, pharmaceuticals, cosmetics, hair products, household cleaners, [paints, plastics, metals, waxes, coatings, minerals, designed to take the hassle Hassle () is a location in Närke, Sweden, where a Celtic treasure was found in 1936. It comprises a large bronze cauldron which contained two Bronze Age swords of the Hallstatt type, a pommel of bronze, two bronze buckets with out of high-value, complex consumer transactions on the Web. In Fall 2004, the company extended its award-winning Adj. 1. award-winning - having received awards; "this award-winning bridge spans a distance of five miles" service and technology expertise to the home mortgage lending market with the launch of LoanStore.com, providing easy-to-digest consumer information about mortgage terms and loan types and access to a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. brokerage. In January January: see month. 2005 CarsDirect acquired the well-known well-known adj. 1. Widely known; familiar or famous: a well-known performer. 2. Fully known: well-known facts. and award-winning consumer brands BestRate.com and LoanApp.com from Myers Myers can refer to: People
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