ARAMCO Report - The Mother of ALL Mortgage Blogs!

Avoiding home buying regrets

Posted by The Aramco Group on Fri, May 5, 2017 @ 14:05 PM

Purchasing a home is generally the largest purchase most Americans will make. It takes time, money and foresight. According to a survey of more than 1,400 homeowners conducted by NerdWallet, nearly half of respondents stated they wished they had done something differently during the buying process.

Among the top regrets of homebuyers was not studying the home and location enough before committing. With California's limited available homes for sale buyers may find themselves compromising on their wish list more than they would otherwise feel comfortable with. Daisy Kong, a spokeswoman for Trulia advises buyers to prioritize things and make a list of the deal breaking factors.

Other regrets cited by homeowners in the survey included not understanding the financial ins and outs and discovering once they're settled in, that the house is simply too small.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent while 15-year rates are near 3.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.