A Special Feature from Our First-Time Buyer Team:
Buying your first home is an exciting experience, albeit one filled with many changes. If you’re ready to become a homeowner, there are a number of things that you may have not considered. Prospective buyers should always feel comfortable and confident in their decision to purchase a home. Read below to find out how to avoid the many mistakes that new buyers, and even experienced ones, sometimes make.
1) Not reviewing your financials. How much would you feel comfortable paying each month on a mortgage? It is important to go through your financials to figure out if buying a home is something that you’re ready for.
2) Not talking to a loan officer first. Your home buying process doesn’t begin with the home search. The first step is to talk to a loan officer and get pre-qualified. Your Caron B Agent can often refer a reputable lender who they feel would be a good fit for you.
3) Financing other big purchases. One of the biggest mistakes you can ever make during the loan process is to make a large purchase during this time – a new car, furniture, or a 2-week vacation can greatly affect your debt-to-income ratio and will affect your home loan approval. It is best to make such purchases after the loan has closed and you are moved in to your new home.
4) Switching jobs. In order to qualify for a home loan, lenders often require that you worked at your job for at least two years, which indicates steady employment and steady, predictable income. If you quit or switch your jobs during the home buying process, your loan has a likelihood of being denied.
5) Not hiring a buyer’s agent. A quality agent from Caron B Realty will ensure you have an experienced professional by your side. At no cost to you, the buyer, your full service agent will be by your side to walk you through the entire home buying process, help to submit a competitive offer, and be your assistant during the entire buying experience.
Are you ready to buy your first home? Contact our office today (808) 593-9826