5 Common First Time Home Buyer Mistakes
- They don’t ask enough questions of their lender and end up missing out on the best deal.
- They don’t act quickly enough to make a decision and someone else buys the house.
- They don’t find the right agent who’s willing to help them through the homebuying process.
- They don’t do enough to make their offer look appealing to a seller.
- They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.
Answering Your Home Buying Questions
Buying a home is both thrilling and a bit unnerving, especially if you’re a first-time home buyer. Both experienced home buyers and first-time buyers alike will benefit from the frequently asked questions below. Before you begin your Lake of the Woods search, Pat recommends that you prepare yourself for the journey by educating yourself. This will ensure you are a knowledgeable home buyer prepared to make a confident home buying decision, with her expert advice and counsel, of course!
Q – I’ve never purchased a home before. Where should I begin?
A – Actually, you’ve already started the process. Fact-finding and reading articles is a great way to become a smart consumer. The highest priorities to focus on before you begin searching for specific areas, neighborhoods, or homes would be to:
- Familiarize yourself with your personal finances.
- Learn about the Lake of the Woods real estate market.
- Carefully review your budget and begin to eliminate as much debt as possible.
- Have a down payment and earnest money ready when the time comes to act and make your offer.
Your next step is to contact Pat. As your home buying specialist, Pat will protect your interest and manage the details of the real estate transaction on your behalf to your complete satisfaction. For more experienced buyers, a little brush up on the real estate process wouldn’t be a bad idea, either, as this is an ever-changing industry. Of course, you’ll need Pat’s dedication, knowledge, and expertise to protect your interests too!
Q – With all the bad news about mortgage products and home foreclosures, how do I avoid making a big mistake when deciding which type of loan to select?
A – You should select a lending consultant. I am happy to recommend several trusted lending professionals, or you may choose your own. Having total confidence in your lender is important. Be sure you feel completely at ease with them. They should speak to you in easy to understand terms. Ask lots of questions and never sign any document until you know what you are signing and feel completely at ease signing it. And interest rates are extremely attractive! Of course, the type of loan best for you depends on several factors. Here are just a few:
- How much money do you have for a down payment?
- How long do you plan to live in the home?
- Do you qualify for a FHA or VA loan?
Because there is a wide array of homes on the market in Lake of the Woods, Orange County, your choices are plentiful, and the time is right for you to buy!