Greater Seminole County Real Estate Report 8-26-20: What are the most common mistakes that first-time buyers make? Read more to find out and how a realtor can prevent you from making them!
Start Your Homebuying Process on the Right Foot
You are so excited to buy your first home! It is a monumental moment in your life. However, many first-time homebuyers tend to make mistakes that end up slowing down and complicating the process. I would like to share with you the most common homebuyer mistakes and how to avoid them!
Failing to Set a Budget
You want to purchase a home at a price point that will give you a comfortable mortgage payment. Failing to calculate your max budget will result in wasted time. You will end up looking at homes that you cannot afford the monthly payment on.
Not Double-Checking Your Credit
Mistakes can happen and lenders will look at your credit before approving a home loan. Double-check your credit and call to have any errors you find corrected before continuing with the home buying process.
Making Too Small of a Down Payment
The smaller the down payment, the larger the monthly payment you will be responsible for. Many homeowners wish that they had made a larger down payment in order to have a more comfortable monthly payment for years to come.
Not Shopping Around for the Best Mortgage Rates
Do not go with the first option you find. Instead, shop around to make sure that you are getting the best rate available. A mortgage is a long-term commitment. It is worth it to take your time.
Ignoring Incentive Programs for First-Time Homebuyers
Do not just assume that you have to stick with a conventional loan. Look into first-time buyer incentive programs that offer down-payment options and competitive mortgage rates. Do not forget to see if you qualify for VA, USDA, or FHA loan programs.
Let an Experienced Realtor Help You Avoid First-Time Homebuyer Mistakes
Navigating the homebuying process, especially for the first time, can seem daunting. An experienced Realtor can help you avoid critical mistakes and make sure that you end up in the home of your dreams and help you find your best financial options. Contact me today with any questions you may have at 407-330-2181 or firstname.lastname@example.org! Until next week, stay safe!