Introduction Buying a new home welcomes positivity, happiness in life. The journey to dream for home and actually buy one can be a roller coaster ride for some. The paperwork, mortgage approvals, shifting, etc can create lots of fuss. With so many challenges, the first-time homebuyers often make wrong decisions and suffer later. In this presentation, Drew Mortgage, a mortgage lender company in Massachusetts, has listed out the common FTHB mistakes and ways to avoid it.
Not Checking Affordability ● ● ● ● ● ●
Everyone wants to own a big bungalow or at least a spacious home. FTHB often visit many properties out of their budget. They don’t calculate their budget thoroughly. Remember to take a financial analysis to check your affordable home range. Spending time on over budget properties is a waste of time & energy. Consult a mortgage expert for detailed financial analysis.
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Checking one Mortgage Plan First thing first, Mortgage plans are not standardized. All lenders may offer different mortgage interest rates. Even the closing costs and the discount also vary. You may be eligible to enjoy additional relief in some FTHB loan policies Hence, FTHB must evaluate various mortgage options. Take advice from Mortgage Consultants to check the best options.
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Not fixing the Credit Score
Financial challenges for FTHB start with a Credit Score. A credit score helps mortgage lenders to determine a person’s trustworthiness. Since the investment is huge, mortgage lenders play safe. They approve or reject your mortgage application largely based on the credit score. To smoothen the process, maintain a good score. Make timely payments and clear all the possible dues before applying.
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Making Small Down Payments
The mortgage covers most of the property amount. Homebuyers are often expected to make around 20% downpayment. FTHB Mortgage Plans can also give zero to 3 or 3.5% down payment options. While lesser downpayment seems like a good deal, it is not recommended. Less Down Payment = More Loan & higher monthly EMI It’s better to save for down payment in advance.
Not looking for FTHB Programs ● ● ● ● ● ● ●
First-time homebuyers may not have sufficient downpayment ready. There are many FTHB programs with exclusive offers. Ask your mortgage consultant to suggest suitable loan options. The downpayment under such a loan goes around 0% to 3 or 3.5% or more, The plans vary and have specific eligibility criteria. Do check your eligibility under VA, USDA, FHA loan programs. You may also qualify for added home renewal protection.
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Looking for a home & mortgage plan is exhausting for FTHB. Your decisions must align with affordability. Consult Drew Mortgage for financial assistance. We are a mortgage lender company in Massachusetts. Our mortgage consultants can help you with the best plans. Feel free to connect: https://www.drewmortgage.com/
DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road, Shrewsbury, MA 01545 Phone: (508) 753-1656
Peabody Mortgage Lenders
Boston Mortgage Lenders
1 Mt Pleasant Drive Peabody, MA 01960
232 Commercial St.Boston, MA 02109
Phone : (978) 750-1080
Phone : (617) 523-3060