Buying a home is an exciting but overwhelming process, especially for first-time homebuyers. We want to help you avoid some common mistakes that first-time homebuyers make when obtaining a mortgage. In this blog, we’ll discuss some common mistakes and how to avoid them.
1. NOT GETTING PRE-APPROVED
If you have been to your bank or a mortgage broker and they have not requested or reviewed ALL of the supporting documents the bank WILL need to see (proof of income, proof of down payment, etc.) you are not officially preapproved or prequalified. It is important that all supporting information is collected and reviewed before you actively start house hunting.
2. NOT HAVING A CLEAR UNDERSTANDING OF THE MORTGAGE TERMS
Make sure you understand all the terms and conditions of your mortgage, including the interest rate, fees, and payment schedule.
3. NOT CONSIDERING ALL THE COSTS OF HOMEOWNERSHIP
In addition to your mortgage payment, you’ll also need to budget for property taxes, insurance, maintenance, and repairs.
4. NOT HAVING A CONTINGENCY PLAN
It’s important to have a backup plan in case of unexpected financial changes, such as job loss or medical bills.
Avoiding these common mistakes can help you navigate the home-buying process more effectively and save you money in the long run. Contact me at Tammy Wandzura, Mortgage Broker today to learn more about how I can help you obtain the perfect mortgage for your unique financial situation. To learn more about the services I offer, click here. To contact us, click here or call us at (306) 933-3386.