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What Are The Most Common Mistakes When Buying A House?

What Are The Most Common Mistakes When Buying A House?

What are the most common mistakes a person might make when buying a home?

Buyers are most likely to make five mistakes

Have you made them?

Buying a house is a big problem because it uses six wallet pockets throughout the family. Many people will be cautious in the process of buying a house, afraid of having made mistakes, and lost money and houses, but mistakes are inevitable and a little carelessness will lead to the wrong step. Some appear to be small, but the impact is very serious. Today, let's talk about what mistakes are easy to make when buying a house.

1. I don't care about the purchase contract and the invoice

Sign the formal purchase contract. At the time and place proposed, the buyer must prepare all certificates and sign the purchase contract with the developer or agent.

In general, the developer will issue an invoice to the buyer after the payment is made. Some buyers are more careless, after a period of time, they cannot find the purchase contract and the invoice.

As we all know, the purchase invoice will not only affect the withdrawal of the reimbursement from the pension fund but will also affect the owner's handling of the real estate certificate, the settlement, the secondary transaction, etc. 

In addition, if there is any problem with the house in the future, the invoice is also the evidence to safeguard the rights. Therefore, the buyer must keep the purchase contract, the loan contract, and the invoice correctly.

2. Initial payment with multiple credit cards

In theory, it is better to buy a house, a car, and a spaceship. As long as the financial system of the other party supports it and is willing to make such a launch, it can even swipe 10,000 credit cards. 

However, I must emphasize the point of knowledge that has been lost: the credit card still needs to be returned.

A credit card is a personal loan tool. It is like a card. When a savings card is taken out, it ends. When a credit card is removed, it must be returned.

what are the most common mistakes a person might make when buying a home

It seems to me that many people rarely think about what to do after using this loan product. I can't understand the use of bare loans to buy packages. To be honest, you must buy lottery tickets to bet or sell nude photos online. I can understand that. But when you buy a bag, you may be able to return 0% of the money.

Only one credit card can be used. Even if you swipe your card every day, you will be given a buffer period of no more than 2 months maximum. Beyond this buffer period, you must pay interest at a rate of five tenth days. 

This is an annual interest of 20%, that is, your down payment of $ 300,000 is $ 3,000,000 a year later, and becomes $ 750,000 of debt five years later. So, if you can return it within two months, you don't need a credit card. If you don't, think about the price you have to pay.

It is said that an installment payment can be a low cost. Of course, that's true, but it's only about the high 20% interest rate on the credit card. The fee itself has a management fee, some banks will also charge interest, calculated downwards, the annualized interest is basically around 10%. 

This may seem like a viable approach, but there are two problems:

One is that the amount of the credit card will affect the amount of your loan. That is if you want to make more loans, it is unlikely that you have too many large credit cards to use, and the interest on the loan is usually more favorable than the interest on the credit card, so you should consider how to choose.

The other is that there is a lot of reimbursement pressure after buying a house. Even if you grant loans in several strange ways, such as the time difference, and there are many high-value credit cards available at the same time, you should also consider whether you can withstand that repayment pressure. And if there is enough mattress for unpredictable risks in the future.

what are the most common mistakes a person might make when buying a home

3. Issue fake admission certificate

It is not advisable to use false income to prove how to buy a house with a loan. Once the bank finds the fake income certificate, you can enter the blacklist of bad credit. Not only can the loan not pass the exam and the approval, but it will also become an obstacle for future loans. 

Therefore, when buying a house, you should first consult the loan bank, do what you can, and not let the fake income certificate become the trap that affects the transaction.

Because the bank has requirements for the lender's income, some people want to issue some false income certificates to fool the bank because the income does not meet the standard for the bank to issue loans. But it is illegal to issue false income certificates from the legal point of view. 

Current banks are interconnected and can be found, but if part of your salary is paid in cash, there is no way to verify it. Once the bank discovers that not only will it refuse to lend, but also the buyer will have legal responsibility. Even if the loan has passed the exam, the bank will recover it.

About proof of income:

The income certificate is a type of proof of economic income that Chinese citizens need in their daily business activities of production and life. In general, when applying for visas, bank loans, credit cards, etc., they must issue a certificate of economic income issued by the units in question.

Notes on the income certificate:

First: pay attention to the necessary format when issuing a certificate of income.

Second: the income certificate must be sealed with a "new deal", that is, the copy of the income certificate is not valid.

Third: the seal must be the financial seal or the official seal of the unit. And it must be a round seal.

Therefore, the buyer should not issue a false income certificate because their income is not up to par, otherwise, the gain is not worth the loss.

what are the most common mistakes a person might make when buying a home

4. Repayment on the refund date

After the general loan, the bank will have a specific payment date. If the buyer pays on the date of reimbursement, it is likely that he is in a situation of late deposit. The day of the invoice is delayed for 20 days. It is your payday. If the refund date is refunded, I suggest you go to the counter or the ATM, because only in this way can you guarantee the arrival in real-time. 

Alipay or other forms of payment only allow individual banks to arrive in real-time. We have to remind you that the repayment of the mortgage loan does not have a grace period like the ordinary loan. If there is no deduction on the day of the refund, the bank is likely to recognize it as past due.

Therefore, we try not to delay until the repayment date to deposit the money in the mortgage loan repayment account. If conditions permit, you can configure the bank card association function so that you can pay automatically each month, saving many problems with manual transfer.

5. Forget about releasing the mortgage

After the house payment, the house does not necessarily belong to you! The buyer must go to the loan bank to provide the loan settlement certificate, and then go to the housing registry department to manage the cancellation of the housing mortgage registration procedures, otherwise, the state of the home still It shows "under mortgage", which means that the home loan has not been canceled, and the house cannot be listed and marketed normally. Then, the buyers of the loan after paying, do not forget to raise the mortgage!

Write here, many people think that buying a house is really very problematic. But as long as you know more about this, you can still buy a good house. I sincerely wish you all a good house.

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