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Don't Make These First Time Home Buying Mistakes!

Monday, June 22, 2015   /   by Daniel Collins

Don't Make These First Time Home Buying Mistakes!

As a first-time home buyer, you may actively be seeking out information about your upcoming purchase. Buying a home is a huge financial move to make, and it can impact your financial situation and even your lifestyle for many years to come. While it is important to learn more about what to look for in a home, it is also important to learn about mistakes home buyers have made. When you learn more about mortgage mistakes that others have made, you can take steps to prevent making those same mistakes yourself.

Committing To A Large Mortgage Payment

Many first-time home buyers contact a mortgage professional to determine what the largest loan amount and monthly payment they qualify for is. However, just because you qualify for a loan amount and monthly payment from a lending perspective does not mean that it is affordable for your budget. After all, you may have a more expensive lifestyle, childcare expenses and other expenses that are not factored into the lending equation. 

Not Reviewing All Home Expenses

When you own a home, you will be required to pay for expenses that are not in place when you rent a home. For example, you will have to pay for lawn care, home maintenance tools and supplies, repair bills, homeowners’ association dues and more. It is important to allow room in your budget for all of the expenses related to home ownership to ensure that your new home is affordable for you.

Failing To Inquire About Closing Costs

Your mortgage representative is required to disclose all loan charges and fees to you early on in the loan process, but some first-time home buyers do not take the time to thoroughly review or understand these fees. Many are unfortunately surprised by the amount of money they must come to the closing table with at the end of the loan process, and this can be avoided by simply asking questions and reviewing the preliminary loan statement up-front.

Each of these home mortgage mistakes can be costly to a first-time home buyer, but they also are all entirely avoidable. As you begin your loan process and proceed through it to closing, keep these mistakes in mind. Be sure to ask your loan consultant for more information if you have any questions. You can begin the loan process today by contacting a loan consultant directly.

Source:http://realtyonegroupinc.com/2015/05/22/3-huge-mortgage-mistakes-made-by-first-time-home-buyers-and-how-to-avoid-them/

Daniel Collins
513 N Beaver St.
Flagstaff, AZ 86001
928-774-3392
928-230-5168
Kathy Morrow | NMLS 204395
Regional Vice President
O: 928-848-7889 | M: 480-363-8901
Kathy@morrow.team
https://kathymorrow.vipmtginc.com/
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© 2024 Northern Arizona Multiple Listing Service, Inc. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Northern Arizona Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little house) and detailed information about them includes the name of the listing brokers. The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Some properties which appear for sale on this web site may subsequently have sold and may no longer be available. May 23, 2024
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