[Home Loan] Myths | Mistakes [Home Buying] Avoid these Real Estate mistakes [Mortgage]


Hey, this is Chris “The Mortgage Pro” I am
going to teach you the 10 biggest mistakes to avoid during the home buying process. watch this. Mistake #1 not being pre-approved before you
go and buy a house. A realtor doesn’t even want to show you
houses unless he knows your pre-approved. How does he know you don’t have a 450 FICO
score? you can’t buy a house like that unless you’re buying in all cash. So, we need to make the simple process work. Mistake #2. your pre-approved for a 350,000-dollar purchase
and you want to see 400,000 dollar houses. it doesn’t make since and its going to make
things very difficult on you, on the realtor on everybody. So, we want to stick within the affordability
range what you feel comfortable with paying and what you can get approved for. Mistake #3. going to the wrong realtor. here’s a perfect example I had a relative
who told me, “I’m going to use my friend to by the real estate”. ok, great, tell me about your friend the real
estate agent. ” well she just got her license”. No, that’s not somebody who can protect
you. Call me, I find the right realtor who knows
the business, who’s going to find you the right houses at the right price range and
knows how to negotiate on your behalf. Don’t make that mistake. Mistake #4. Don’t fall in love with the house that is
on the market. what happens is there are 7 to 10 offers on
every single house out there. So, if you fall in love with this house, be
ready for a biddy war, be ready for it not to work out, so don’t fall in love too early,
that’s really important. Mistake # 5. make sure you have what you say you have. perfect example, “Chris I have $30,000 in
my 401K”. How much can you take out of that 401K. “$30,000 dollars”. well, very often you can and very often you
can’t, ot depends on a number of situations, don’t make assumptions. Mistake #6. Calculating your payment on a website like
Zillow or Realtor.com. Hey, Zillow said my payment would be $1,400
dollars. It doesn’t take into account mortgage insurance,
property taxes and home owners insurance and a whole bunch of things that need to be accounted
for. So, when it comes to getting approved, when
it comes to knowing the numbers, you talk to the pro. Mistake #7. Hey, I’m about to buy a house so I might
as well go buy a car as well. Not a good idea. don’t buy anything, don’t lease anything,
don’t add anything on, don’t go charge things on credit cards, don’t take cash
out of your credit cards for the down payment, you’re not allowed to do that by the way. So, there’s a lot of things here. Don’t spend money. Mistake #8. don’t change jobs in the middle of the process
without letting me know. Sometimes people just quit a job, start a
new job and forget to tell us. can’t do that, we need have to verify everything. we have to verify the old job, the new job,
the new income, the old income. it’s a different process if it’s an old
job. so, we have to know these things, no surprises. you make surprises you may not be living in
the house you own. Mistake #9. cash! cash is a four-letter word. you know the expression, ” four letter word”?
it’s not a good expression. cash is a four-letter word. do not put cash in the bank. because we then can’t use it for 2 months. people say, “well how do I get cash in the
bank”? call me, we have ways to do it that are legal,
legit but you can’t put cash in the bank. the government who is going to insure the
loan (FHA is insuring the loan) the government what they are going to basically do is ask
where the money came from and if you can’t prove where it came from they don’t know
if it came from al Qaeda or el Chapo. they have no idea if your funneling money
through you. they don’t know you. I think you’re a great guy but they don’t
know who you are. don’t put cash in the bank. Mistake #10. the biggest mistake that people make is they
don’t call Chris the mortgage pro. they go to somebody else, Charlie who got
his license last month, they go to the bank, those guys didn’t even pass the test to
get a license, they don’t need to cause they work for the big bank. call Chris the mortgage pro, I will sit down
with you I will help you I will hold your hand through the process and together were
going to “Fire Your Landlord”.

4 Replies to “[Home Loan] Myths | Mistakes [Home Buying] Avoid these Real Estate mistakes [Mortgage]

  1. These common mistakes are easy to avoid… if you just know what they are! Please give this video a thumbs up if you like it, feel free to comment as I answer every question personally and if you are in the home buying market or an industry professional, please subscribe!

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