3 Most Common First-Time Home Buyer Mistakes
With the sunny days and warmer weather, summer is a great time to find and purchase your first new home. Sorting through all the information and making all the right decisions, however, can make the process seem daunting. But don’t worry, we’re here to help. We want to tell you about the top three common mistakes first-time home buyers make so you can avoid the pitfalls and make the best decision for you and your family.
- Not Applying for a Mortgage First
As exciting as looking for your first new home can be, don’t start looking at the pretty houses and their listings until you have applied and been approved for a mortgage first. Without knowing if you’ve been approved for a mortgage first, you won’t know if you qualify or how much of a loan you qualify for and may lose the property you had your eye on. Apply and get approved for a mortgage and then you will be able to make an accurate list of homes within your budget.
- Not talking to Several Lenders
Speaking of budget. Did you know you can lose out on thousands of dollars by not shopping around at different lenders? Like buying a car, you will want to compare lender fees, prices and loanand loan terms in order to make sure you are getting the best deal. Additionally, as you would with a car salesman, make sure your lender truly understands your situation, is highly responsive and can warn you about future roadblocks that may come. We highly recommend sitting down with at least three lenders in order to get a well-rounded understanding of your options.
- Not Budgeting for Hidden Costs
Looking at only the listing price can be a deceitful evaluation of the actual costs of buying a home. Many first-time homebuyers forget to factor in extra costs such as closing fees and mortgage and homeownershomeowner's insurance. Additionally, there is the maintenance and repairs your new home will need- about- about $2,000 a year on average. Remember to factor in these costs and leave room for any additional surprises that may come up in order to ensure you can still afford the monthly payment after purchasing your home.
Even though buying a home can seem overwhelming, remember you don’t have to know everything or make any big decisions without help. At Verani Realty, our REALTORS® and agents are happy to guide you through the process, giving you every resource you need in order to make the most informed decisions. We have REALTORS® all around New Hampshire, Northern Massachusetts, and Southern Maine, and we’re happy to help you in any way that we can. So take a peek at the agents in your area, we’re always here and happy to help! verani.com/agents-offices
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