How to avoid the most common mortgage obstacles

Buying a home should be a rewarding and enjoyable process, but only if you're prepared and know how to avoid the most common home financing mistakes. Get Pre-approved Pre-approvals are one of the easiest ways for home buyers to start off on the right foot.  A pre-approval takes very little time and helps buyers establish a maximum spending limit.  With that information, they can shop with confidence knowing what they can offer on a property.  It isn't necessary to use the whole pre-approved amount. Know How Long Things Take Some steps in the home-buying process can't be rushed and others need to be researched in advance.  For example, you should have a real estate agent, lawyer and mortgage lender well in aadvance of making an offer.  And some documentation may take time to gather and prepare. Know Your Options There are lots of mortgages, each with unique features. Investigate alternatives ahead of time so you don't have to make a rush decision later.  The pre-approval meeting is usually a good time to gather information and start exploring options. Come Prepared Ask your mortgage representative for a list of all the documentation you'll need, some items will be, confirmation of your income and proof of down payment, the MLS ®  Listing and more. You will also need a copy of the Agreement of Purchase and Sale. Ask for a List of Closing Costs Closing costs are all the legal and administrative charges that accompany any real esate transaction.  The most common are lawyers's fees and land transfer taxes.  And in some cases, home buyers are asked to reimburse the seller for prepaid property taxes or other household expenses.