For a first-time buyer, house hunting 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 before-hand! Based on the past experience of first time buyers – below are some pointers that should help you on your way!
Things you should definitely avoid!
This is a most important step, purchasing a home is a big investment – both financially and emotionally. You do not, at any cost, want to regret your decision later on. The home inspection will high-light any current problems and concerns that may require attention in a few years. These are important to know – and should be factored in when you consider the length of time you are likely to occupy the house and the condition it will be in when you sell it!
Getting Pre-qualified for a mortgage is very important to do even before you start searching for a house. Go step by step, patiently, and compile your documents carefully according to the required list. 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 is recommended that you seek expert advice to make sure your credit score and documentation will garner yourselves Pre-approval for a mortgage loan.
Make a proper financial plan allowing for hidden and unknown costs. Make sure you have sufficient for the down payment, insurance, interest, taxes, with some money put aside for contingencies.
Remember that once your budget is in place it is 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!
As a first time home buyer, navigating your way through the home buying process can be a challenge. It is advisable to hire a professional mortgage broker who can help make your dream of buying a house 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.
Drew Mortgage Associates are a mortgage leading company in MA: with years of experience, qualified and licensed staff that will help you with every stage of the process. From choosing a house that suits your needs to helping you choose the right mortgage plan for YOU!