Like anything in life, trying something for the first time comes with learning. Whether it is riding a bike, buying a car, or a home, you are bound to make some mistakes. That’s ok because mistakes are how we learn. But, you don’t just have to learn from your mistakes, you can also learn from the mistakes of others. Here are some of the most common mistakes that I’ve seen first time home buyers make.
Not telling the mortgage lender everything
It can be hard to share personal details with a stranger as first time home buyers , but you have got to be honest with your mortgage lender. Trying to hide a debt will never work in your favor. Why? While you may just give information to the lender for a pre-qualification letter, they will do a deep dive into your finances in order for you to secure a loan.
Lenders can give you suggestions of things to do that will make you a strong candidate for a mortgage. For example, a lender may tell you to pay down this credit card but not your car loan. It’s much better to be honest upfront than to be denied a mortgage a few days before you were supposed to purchase a home.
Not having a clear picture of what you need
Searching for a home can be exciting as first time home buyers, but it can also quickly become overwhelming. Taking some time to really narrow down the neighborhoods or areas you are interested in, the style of home you like, the number of bedrooms you want, and other must haves can help you quickly eliminate homes that don’t meet your requirements. I like to set my first time home buyers up on customized searches that help them focus in on homes that have the specific things they want in property.
Waiting to make an offer
Sometimes the first home you see is the best one for you. For first time home buyers it can be a little unnerving if the first home they look at checks all the boxes on their lists. Don’t delay on making an offer on the first home just because it is the first home you’ve seen. If you think that it is a great house, then, chances are, other buyers do too.
Making a financial change without consulting the lender
The golden rule when it comes to anything financial when buying a home is to always ask your lender first. Making any changes in your finances can impact your ability to secure a mortgage. First time home buyers and seasoned vets should always ask a lender before they do anything like charge a purchase on a credit card, switch jobs, or pay off a debt. Surprisingly even things that seem like positives can affect your financial standing.
Not seeing past paint…or carpet…or anything cosmetic
The color of paint on walls, the older kitchen appliances, or worn carpet are all cosmetic concerns for first time home buyers that can be changed. When you are looking at a home in Locust Grove, focus on the layout of the home, the quality of construction, and the community it is in because these things can’t be changed. While it can be a challenge for first time home buyers to visualize the room with a different paint color or updated flooring, trying to do so can help you see the potential a home has.
Now that you know five things not to do when buying a home, hopefully your first time home buyer experience will be a success. If you ever need additional advice, let my experience guide you. Feel free to contact me to chat!
