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Most common first-time homebuyer mistakes

Categories: Home Buying Tips, New Homes in Fuquay-Varina | Posted: June 5, 2017

 

If you are a first-time homebuyer or plan to become one sometime soon, chances are you may have no idea where to start. In order to avoid common rookie first time homebuyer mistakes, Royal Oaks Homes, a premier homebuilder for new homes in Fuquay-Varina, shares the most common mistakes first time home buyers make, so you can avoid those common pitfalls for yourself.

The first thing you will want to do to start your home buying experience on the right foot, is to get professional advice. Most first-time buyers try to do it all on their own, and that often leaves them wishing they had consulted a professional to begin with.

You can consult with a housing counselor who can review your credit, help you make adjustments if needed, and then see what type of loans you will best qualify for. Some buyers may not think they have enough saved up for a down payment, but some home loans such as Fannie Mae’s HomeReady mortgage, allow you to put as little as 3 percent down. Having professional help also ensures you will be given a recommended home loan amount to spend, so that you don’t stretch yourself to thin on your mortgage payments.

Another common pitfall that most first time homebuyers make is trying to go at it alone on the purchasing side of things. Being able to look at homes online and shop is great, but many first-time buyers don’t realize how competitive the housing market is. As many as 46 percent of buyers don’t get the home they put their first offer on. Having a new home sales agent or realtor help you along the buying process can help your efforts in getting the home you want.

Next, a good majority of first time homebuyers look at homes they can’t afford. The best step you can take for yourself before stepping foot in a home or falling in love with one online, is to get pre-approved for a mortgage and what you can afford. This way you can know what your comfortable spending on a home and on your mortgage payment each month and make smarter decisions on what you can and can’t spend on a new home. This can save you from falling in love with a home that is over your budget.

Lastly, even if you have already worked with a lender and gotten pre-approved by them, it doesn’t mean that they must be the lender you end up with in the end. Savvy homebuyers will compare quotes from multiple lenders to see who can offer them the first deal. Two-thirds of homebuyers don’t get more than one mortgage loan quote, which means you could easily be leaving money on the table by simply not shopping around.

Putting these tips and tools in place will ensure you are a savvier first time buyer than the rest.

 

 

Royal Oaks Building Group is a new home builder in Raleigh and Fayetteville, North Carolina. For additional information about Royal Oaks building your Raleigh new home, please call (888) 677-1502.

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