First Time Homebuyer Mistakes to Avoid

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First Time Homebuyer Mistakes to Avoid

• by
• Irvine Residential Living

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• Buying a home is complicated, and it's easy for
  even seasoned buyers to make mistakes. If you are
  a first-time buyer, it's, even more, likely that
  you will do something wrong if you don't do your
  homework. Here are some first-time homebuyer
  mistakes you want to try to avoid.

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Not working with a real estate agent
Since real estate agents make their money off of
sellers and rarely charge a potential buyer
anything, there's no reason not to work with one.
At worst, an agent will ask you to sign an
agreement that you will use him or her for any
purchase you make, but in most cases agents work
with buyers with no formal agreement at all. A
real estate agent can help you find the right
home and help you with your closing.
Failing to check your credit score
The most important factor in whether you get a
mortgage and how low of an interest rate you get
is your credit score. No matter what your income
is or how much of a down payment you have, if you
have a bad credit score, you won't get a good
loan deal. Before starting your search for a
home, you should make sure you know what your
credit score is.
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Not getting pre-approved

• Whether you are a first-time homebuyer or are on
  your fourth or fifth home, it's always a good
  idea to get pre-approved for a mortgage. Not only
  does it tell you how much of a mortgage you can
  get, which allows you to put in a bid on a home
  with confidence, it also shows the seller you are
  serious and that they can accept your bid with
  the confidence that you can get a mortgage for
  that amount. If you don't get pre-approved, you
  could lose out on a home because of your
  inability to get a loan.

Failing to account for closing time
Putting in a bid on a home is the easy part of
the home-buying process. Once that bid is
accepted, however, there is still a lot that has
to happen, including inspections and title
searches, that can take a long time. Most home
purchases take at least two months to close, and
many take longer, so it's something to take into
consideration. If you expect to be able to move
into your home in a month, you are likely to be
disappointed.
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Failing to account for other costs

• Buying a home involves more than just a down
  payment and your monthly payment. Failing to
  account for closing costs and escrow for taxes
  and insurance is a huge mistake that can throw a
  wrench into your plans to buy a home.

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• Irvine Residential has been catering to the real
  estate demands of the people interested in buying
  property in Irvine since a decade. You can
  explore and array of Condos, Townhouses, and
  homes for sale. If you want to inquire about a
  property, we are just a call away at (714)
  454-6304.
• Web http//www.irvineresidentialliving.com/
• Email irvineresidential_at_gmail.com