After months, perhaps years of preparation, you’ve decided to buy that first home, congratulations! This will be a fascinating time for you, but wait; it’ll be essential to never let the hype of the moment interfere with making significant decisions in the whole process. The dream of homeownership is beautiful and challenging at the same time, so don’t worry, there will be plenty of solutions for you to choose from.
Before going far into the deep stuff we are about to discuss in this article, let us remind you that the help of a professional is always recommended in these cases, realtors are there to help you out with successful methods that can bring amazing outcomes to the whole effort. Well, let’s go forward to the most common faults that first-time home buyers keep making, pay attention.
1. Buying First, Applying for a Mortgage Later
2. Getting Emotional
3. Why Only One Lender?
If this is your particular case, it is recommended that you compare at least three different lenders in order to see all the options, fees, closing costs, and down-payment opportunities. Both parties play a vital role in the purchase of a home, and you need to get the most out of this instance.
4. Not Calculating Expenses
Generally, your monthly mortgage payments should not exceed 28% of your gross monthly income. If you have a lot of other accumulated debt, that percentage should be even lower. Make estimates based on your current income, not the earnings you expect to receive in a few years.
5. Ignoring Closing Costs
Sometimes by wanting to save a few bucks, we end up making the worst decisions that will make us pay even more to solve these mistakes. Remember that looking out for a competent real estate agent will help you get the best results. At REAK HELPERS we focus on you, in order to avoid these errors. We provide the most exceptional protection on your first purchase, with the immediate availability of all our best consultants, making your experience totally unique. Want to know more? Contact us now!
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