While lenders have become more strict in the last decade, people who have a solid credit history can still secure a good mortgage. With mortgage rates continuing to hover around 4%, the housing market continues to be a strong one. For buyers, this means that you can afford a home that you may not have been able to a few short years ago. For sellers, low mortgage rates can cause an inventory shortage of homes available for sale.
Are you a senior planning to buy a house on mortgage and you are apprehensive about the process? If you are, you aren't alone because there are potential challenges that can complicate the process for you. Here are three examples of the challenges to expect:
Financial fraud against seniors is rampant because the perpetrators believe that seniors are vulnerable to their tricks. Whether or not you are vulnerable, you are a target for these fraudsters simply because you are a senior member of the society.
Shopping for a home is often said to be one of the most expensive purchases that most families will make. Since most home viewings last only a few moments, however, buyers are under tremendous pressure to choose the best possible home in which to invest. If you are currently looking at homes for sale or plan to do so in the near future, consider using the following information to help you spot condition clues that can help you eliminate potential money pits and select a home that your family will love for generations to come.
Life happens while we're making other plans, and unexpected events can make it necessary to downsize for financial reasons. Without proper planning, you may find yourself with too many possessions in your new place. Being savvy when viewing apartments can save hassles later.
Essentials to Take to the Viewing
To make informed decisions, you need good tools. A 25-foot measuring tape, pencils with erasers, and a standard-sized notebook are essential. A camera is also valuable so you can see the rooms again at home.
If you're in contract to buy a new home, there are often several contingencies that will allow you to break the contract without any repercussions. One of the most common contingencies has to do with inspections. As a buyer, you're responsible for having the home inspected by a professional home inspector before the sale is final. You are also encouraged to have the home inspected for termite activity by a termite expert.