Buying a home can be a huge life change and a difficult undertaking, especially if it's your first time. From saving for a down payment and closing costs to repairing credit, there are many steps you must take before buying a home. Once you close the deal and get things in order, you may realize that there are some things you could have done differently. When it comes to making big financial decisions, it's easy to make mistakes that you may regret later on. If this is your first time ever buying a home, you should arm yourself with as much knowledge as possible before taking the big plunge.
Here are 8 mistakes to avoid when buying a home for the first time.
1. Not having a budget
Know what you can afford and stick to it
2. Not checking credit reports
Take a look, correct any errors before you apply for a mortgage
3. Not comparing mortgages
Talk to more than one lender, ask about first time homebuyer programs
4. Becoming emotionally attached to a home
Keep a business mindset and think about the future
5. Applying for credit before sale is final
This will alter your credit score and could affect closing
6. Foregoing an Inspection
Just don't
7. Underestimating costs of home
Your mortgage plus taxes, insurance, utilities, HOA's, repairs, yard, etc
8. Spending your entire budget
Leave enough money for unexpected expenses and emergencies
🤔Many First Time Buyers struggle with how to get the down payment to
purchase their first home.
✅ The solution is a Down Payment Grant which has no interest, no payments, and only needs to be paid back when you sell the home, or refinance the home. It is like FREE money!
LEARN about the amazing
Home Down Payment Grant Program
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