Five Shocking Mistakes Home Buyers Make
Five Shocking Mistakes Home Buyers Make
There’s no denying that if you are a first time home buyer, now is one of the best times in history to buy a home. But before you start the mortgage lending process, make sure you don’t make any of these five shocking mistakes that many first-time homebuyers make!
Mistake #1 – Not Knowing Your Budget
Before you even start searching for a home for sale, you should know your budget. When working on your budget, keep in mind that you should also factor in other homeownership costs including property taxes, homeowners insurance, and maintenance costs. A mortgage calculator could be helpful here.
Mistake #2 – Not Finding a Great Mortgage Broker
Remember that the key to success with owning a home is finding a great mortgage broker; your mortgage broker will ultimately be able to get you preapproved for the best mortgage loan after reviewing your credit score and other financial documentation. Search for a mortgage broker by verifying that they are licensed in the State of Pennsylvania, have great feedback online from former clients, and will offer you the best financial advice possible.
Mistake #3 – Not Knowing All of Your Financing Options
Another major mistake that many first time home buyers make is not knowing their financing options and thinking that they only qualify for a conventional mortgage loan (because they only called their bank); a qualified and knowledgeable mortgage broker can present you with other loan products, including FHA, USDA and HUD mortgage loans.
Mistake #4 – Not Hiring the Best Buyer’s Agent
Since finding your Pennsylvania home is a substantial financial transaction, work with an established agency in your area. Hiring a well-informed agent pays off every time – they can help you shop, and show you any listing, from any agency. Best of all, they’re free!
Mistake #5 – Not Getting a Home Inspection
Last but certainly not least, another big mistake that homebuyers make during the process of buying a home is not getting a home inspection. Opting out of the home inspection is one of the worst mistakes that any first time homebuyer can make, because how will you really know what’s going on with a home – especially behind the walls – until you have it inspected? Keep in mind, an inspection is not the same thing as an appraisal.
For more helpful tips on avoiding common mortgage loan mistakes, contact Co/LAB Lending today!
