10 MISTAKES TO AVOID AS FIRST TIME HOME BUYERS

1.WAITING TO GET PRE-APPROVED

THERE ARE MULTIPLE REASONS WHY YOU SHOULDN'T WAIT….

• MAKE SURE THERE'S NO CLOSING DELAYS OR PENALTIES FOR NOT BEING APPROVED IN TIME

• FINDING YOUR DREAM HOME AND HAVING IT SWEPT UNDER YOUR FEET FROM SOMEONE WHOS ALREADY APPROVED AND READY TO BUY

• HAVE A GENERAL IDEA OF WHAT YOU CAN ‘ACTUALLY’ AFFORD

2.NOT USING A LICENSED REAL ESTATE AGENT

EVERYONE LIKES TO THINK THEY CAN DO IT THEMSELVES, YOU CAN. BUT YOU HAVE A MUCH HIGHER CHANCE OR RUNNING INTO LAW SUITS THAT'S GOING TO COST YOU MORE IN THE END THAN AN AGENT

-HELP THE PROCESS RUN SMOOTHLY AND LEGALLY

-HELP AVOID LAWSUITS

-SAVE YOU THE STRESS OF PAPERWORK

3.WAIVING A HOME INSPECTION

NEVER NEVER NEVER NEVER DO THIS JUST TO SAVE A BUCK!

-HOME INSPECTIONS HELP PROTECT THE BUYER IN CASE OF SERIOUS ISSUES NOT DISCLOSED ON SELLERS DISCLOSURE STATEMENT.

-ALWAYS GET A HOME INSPECTION, EVEN IF THE SELLER SAYS EVERYTHING'S FINE, BECAUSE MOST OF THE TIME THE SELLER DOESN'T REALLY KNOW THAT!

-TO SAVE YOURSELF HAVING TO PAY FOR AN ATTORNEY AND SUE THE SELLER, ALWAYS GET THE INSPECTION. IT'S THE BIGGEST FINANCIAL DECISION, WHY WOULDN'T YOU WANNA MAKE SURE EVERYTHING'S IN CHECK.

4.NOT SAVING UP ENOUGH

THERE ARE MANY EXPENSES YOU NEED TO THINK ABOUT SAVING FOR…

-DOWN PAYMENT; GENERALLY I WOULD RECOMMEND AT LEAST 21% TO AVOID INSURANCE.

-CLOSING COSTS; THIS COULD INCLUDE APPRAISAL FEES, TITLE FEES, LENDER FEES, APPLICATION FEES, PROPERTY TAXES, ESCROW FEES, MORTGAGE INSURANCE, AND OTHER POSSIBLE FEES, GENERALLY CLOSING COSTS ARE ABOUT 3%-6% OF THE PURCHASE PRICE

-MOVING COSTS AND ANY HOA ( HOMEOWNER ASSOCIATION) FEES

5.NOT USING FIRST TIME HOME BUYER PROGRAM

IF STRUGGLING TO PURCHASE YOUR FIRST HOME, DON'T LOOK DOWN ON FIRST TIME HOME BUYING PROGRAMS!

THEY'RE HERE TO HELP YOU SOME HELP WITH FINANCING AND CAN EVEN GET YOU 0% DOWN

IF YOU'RE INTERESTED IN SOME FILL OUT MY CONTACT FORM AND PUT "FIRST TIME HOME BUYER PROGRAMS" ID LOVE TO SEND YOU SOME OVER!

6.RUSHING TO MAKE AN OFFER

REMEMBER IF YOU PUT IN AN OFFER AND THE SELLER ACCEPTS IT YOU'RE LEGALLY BINDED TO BUY THAT HOME.

-SO DON'T RUSH TO GO PUT AN OFFER IN UNLESS IT'S A HOME YOU CAN ACTUALLY SEE YOURSELF LIVING IN.

-ON THE FLIP SIDE DON'T WAIT TOO LONG OR THAT DREAM HOME MIGHT BE OFF THE MARKET THE NEXT DAY

7.NOT GETTING IT IN WRITING

IF YOU'RE LOOKING AT A HOUSE AND IT HAS A BEAUTIFUL PIANO AND DINING TABLE, AND IT WAS ADVERTISED “EVERYTHING INCLUDED” AND YOU SIGN A PURCHASE AGREEMENT, THAT DOESN'T LIST THOSE ITEMS. YOU WONT GET THEM

-MAKE SURE IF IT'S SOMETHING YOU WANT PUT IT IN WRITING ON THE PURCHASE AGREEMENT

-This is where the agent comes in handy! make sure you fill them in on everything.

8.ONLY TALKING TO ONE LENDER

I USED TO BE A MORTGAGE ORIGINATOR MYSELF, SO I KNOW FIRST HAND ALWAYS SEARCH AROUND FOR RATES!

-COMPANIES WILL HAVE YOU SEND OVER YOU LOAN ESTIMATE FROM OTHER LENDERS TO TRY AND BEAT IT, AND GIVE YOU A BETTER DEAL!

-EVERYONE'S GOING TO FIGHT TO WRITE THE LOAN SO NEGOTIATE WITH MULTIPLE LENDERS TILL ITS THE LOWEST POSSIBLE

-LOOK INTO MORTGAGE BROKERS, THEY WORK WITH MULTIPLE LENDERS AND HAVE A VARIETY OF LOANS TO SEARCH THROUGH

9. OVERLOOKING HIDDEN COSTS OF OWNING A HOME

AS A HOMEOWNER YOU'RE GOING TO RUN INTO PROBLEMS IT'S INEVITABLE

-PROPERTY TAX , MORTGAGE INSURANCE, HAZARD INSURANCE, REPAIRS

-MAINTENANCE, IMPROVEMENTS AND UTILITIES

-ELECTRIC/GAS/ INTERNET

10. CO-SIGNING A MORTGAGE

YES IT MAY SEEM LIKE A GOOD IDEA IF YOU'RE IN DEBT AND HAVE BAD CREDIT TO GET SOMEONE WITH BETTER FINANCES TO CO-SIGN TO GET YOU A BETTER DEAL AND RATE.

-IT IS RISKY THOUGH! BECAUSE IF THAT CO-SIGNER IS A FRIEND AND YOU MISS YOUR MORTGAGE PAYMENT, THEY'RE ARE GOING TO HAVE TO PAY OR SUFFER CONSEQUENCES ALSO.

-I DON'T RECOMMEND BEING A CO-SIGNER! UNLESS YOU'RE MARRIED OR HAVE A AMAZING RELATIONSHIP