First Time Home Buyers
View the 5 Steps to buying your first home:
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!
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.