Buying your first home is very exciting and comes with a lot of emotions. There are many steps to take to be successful in this process. On the same hand, there are a lot of common mistakes to avoid making the process easy and enjoyable as possible.
Stay away from these beginner mistakes to help make this as smooth of a ride as possible.
Not checking your credit and ignoring credit problems rather than fixing them .
Not getting pre-approved for a mortgage before looking at homes. Pre-approvals will help you make financial decisions rather than emotional decisions. Staying within your budget needs to be priority.
Not talking to more than one lender.
Not reading disclosures from the lender.
Not considering the added expenses of owning a home. Affording a mortgage doesn’t mean you can afford a home. Consider insurance, taxes (both of which tend to increase yearly), home owner association dues, maintenance and higher utilities.
Calling the agent on the sign without knowing who they work for. It’s important to find an agent you can trust. Talk to friends and family for referrals. The agent you use when buying a home should be there for YOUR best interest.
Changing jobs or making large purchases before closing may cause your loan to fall through. Lenders check your credit and financial status shortly before closing to make sure nothing has changed. So, hold off on any new loans and be sure you will be in your current job long-term.
Not taking a Home Buyers Class. Be sure to educate yourself. This is one of biggest decisions and investments of your life.
Entering a lease to own arrangement without legal help.
Getting distracted with decorating ideas before final walk thru. Stay focused!
Making these mistakes can be terribly expensive and cause unnecessary stress. Make your first time home buying experience as stress free, smart and enjoyable as possible!
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