GET UNDER CONTRACT!
This Forbes article Introduction to Buying a Home is a good source that will give First Time Home Buyers in Lake Charles and highlights an overview of the home buying process.
Buying a first home can be a new experience. Here are a few common and costly mistakes that novice home buyers make:
1. Ignoring the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.
2. Do not make any major purchases!. Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan. The lender may choose to do a pre-closing credit check or ask to verify your funds! The New York Times just wrote an article about pre-closing credit checks,
3. Don’t skip your home inspection. Being surprised by the need for expensive repairs can be financially devastating.
4. No extra money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.
For more information on Understanding the Mortgage Process for First Time Home Buyers view this helpful mortgage overview.
Copyright 2012© Marilyn Boudreaux
Marilyn Boudreaux, REALTOR® 337-499-9592
Century 21 Mike D. Bono & Co.’s
4410 Nelson Road
Lake Charles, LA USA 70605