Homebuyer Mistakes

5 First-time Homebuyer Mistakes

Dreaming about purchasing your first home? Before you can achieve the goal of owning your first home, you have to consider and deliberate on a few things, from looking for the perfect neighbourhood to financing the purchase. There is more to finding that perfect home than the interior features and the lawn setting. OE Mortgage can help you secure your dream home in a fast and efficient way.

Consider a few crucial steps to homeownership:

  • Getting approval for a mortgage plan.
  • Dealing with the right real estate agent.
  • Finding the perfect home that best suits your needs and budget.

Here are a few common mistakes first-time homebuyers should avoid

Homebuyer Mistakes

More to it than mortgage payments    

A lot of first time homebuyers relate the ability to finance a mortgage plan directly with the capacity to own a house, but it doesn’t always work that way. They have a good understanding of what their mortgage payment is going to be, but they don’t realize there’s much more to it.

The other expenses

Taxes, property insurance, homeowners association levies, maintenance and increase utility bills are some of the expenses that comes with owning a new home. These are factors that prospective owners should take into account.

It is a good idea to consider applying for a personal loan.

Be mindful that some of these costs like homeowner’s levies and taxes are bound to rise annually. Ask yourself if you would still be able to afford cost increase in the future.

Looking for a home first and loan later

Getting pre-approved for a mortgage before scouting for a home on the market is actually the right way to begin preparation for home buying, unless you are capable of financing it yourself

What is usually the case is that first time home buyers are afraid that they may not be granted as much cash in loan as they would have wanted. Some are afraid of the fact that their loan application might be dismissed. All they do is doing guesswork of the price range and go home hunting.

Not getting professional help

As a first time home buyer, you should consult with a professional real estate agent, a lawyer, a qualified loan officer and probably a broker.

Attempting to see through the home buying process alone can be tasking and futile in the end.

If you attempt to deal directly with a listing agent, all they are really going to do is give you a list of their available houses and nothing more. You need to get a buyer’s agent to put you through the process.

Get References

Are you new to the home buying game? If yes, you need some sort of assurance that you are dealing with the right people. Ask friends and family for a referral. You are about to make what is possibly the largest single investment of your lifetime, you want to make sure it is done right. You should seek the services of a professional before shopping for a new home.

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