Published on Thursday, 14 January 2010
If you are planning to buy a home, then prepare yourself to face obstacles associated with home buying. With proper analysis and planning, it is very easy to find solutions for each difficulty observed in the journey of buying a home. List of common obstacles seen in buying a home 1. Obtaining a Mortgage is the major obstacle associated with home buying. The lender does a thorough check of your credit report before granting the loan. Having black marks such as presence of your name in another home mortgage disqualifies you for a loan. After qualifying for the loan, it is essential to make certain down payment to own the mortgage. This amount ranges from 3.5% to 10% of the sale price which is a huge amount for many first time home buyers. 2. A major requisite for qualifying to a home loan is having a stable employment for at least a period of two years. If you have changed jobs once in every few months in the recent past, the lender cannot feel assured that you will repay the loan amount. He will disqualify you for obtaining the mortgage. 3. The loan amount you can obtain for buying a particular home depends on the appraisal value of the house. If you do not find a good appraiser who is very familiar with the neighbourhood, there is a great chance for low appraisal. In such cases, if the seller does not adjust the house price, you may have to either quit the deal or pay the difference to own the house. Taking suggestions from people who recently purchased a house is a very good idea to solve most of the obstacles faced during home buying.
