Common Mistakes First Time Home Buyers Should Avoid
Introduction
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For a first-time home buyer, finding and buying a house can be a daunting, nerve-racking and exhilarating process. One way to make it less daunting is to avoid some common mistakes. The key to this is to invest some time in doing research beforehand.
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1)
Ignoring the Home Inspection:
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This is a most important step, as purchasing a home is a big investment – both financially and emotionally. You don't, at any cost, want to regret your decision later on. The home inspection will highlight any current problems and concerns that may require attention in a few years. It’s important to know the problems and concerns and these should be factored into your decision when you consider the length of time you're likely to occupy the house and the condition it’ll be in when you sell it!
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2) Not Getting Pre-Approved for a Mortgage: ● ● ● ●
Getting pre-qualified for a mortgage is very important, even before you start searching for a house. Go step-by-step, patiently, and compile your documents carefully according to the required list you’ve been given. Clean up your credit score by making payments on time, pay off any debts, and boost your chances of getting pre-approved for a mortgage. It’s recommended that you seek expert advice to make sure your credit score and documentation will garner yourself pre-approval for a mortgage loan.
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3) Over Extend Your Budget: ● ● ● ●
Make a proper financial plan allowing for hidden and unknown costs. Make sure you’ve saved a sufficient money for the down payment, insurance, interest, and taxes, with some money put aside for contingencies. Remember that once your budget is in place, it’s very important that you stay on track with it. The mortgage loan company will be very pleased to see a budget and even more pleased to see it being kept!
4) Not Hiring Professionals: ● ● ●
As a first time home buyer, navigating your way through the home buying process can be a challenge. It’s advisable to hire a professional mortgage planner who can help make your dream of buying a home much easier to achieve. Their experience and access to a huge network of resources will put you in an excellent position, speed up the mortgage application process, and ensure an early closing date.
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Drew Mortgage Associates, Inc. is a leading mortgage company in MA with years of experience and has qualified home loan officers that’ll help you in every stage of the home loan process. We'll help you to choose a home that'll suit your needs and review the right mortgage plan for you! We are the most preferred mortgage company in MA. What are you waiting for? Call Drew Mortgage Associates, Inc. today! To Read more about Common Mistakes First Time Home Buyers Should Avoid Click here.
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DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/
Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080
Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060
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