Avoid 5 Mistakes that First-time Homebuyers (FTHB) Do? | Drew Mortgage

1
(No Transcript)
2
Introduction Buying a new home welcomes
positivity, happiness in life. The journey to
dream for home and actually buy one can be a
roller coaster ride for some. The paperwork,
mortgage approvals, shifting, etc can create lots
of fuss. With so many challenges, the first-time
homebuyers often make wrong decisions and suffer
later. In this presentation, Drew Mortgage, a
mortgage lender company in Massachusetts, has
listed out the common FTHB mistakes and ways to
avoid it.
3

• Not Checking Affordability
• Everyone wants to own a big bungalow or at least
  a spacious home.
• FTHB often visit many properties out of their
  budget.
• They dont calculate their budget thoroughly.
• Remember to take a financial analysis to check
  your affordable home range.
• Spending time on over budget properties is a
  waste of time energy.
• Consult a mortgage expert for detailed financial
  analysis.

4

• Checking one Mortgage Plan
• First thing first, Mortgage plans are not
  standardized.
• All lenders may offer different mortgage interest
  rates.
• Even the closing costs and the discount also
  vary.
• You may be eligible to enjoy additional relief in
  some FTHB loan policies
• Hence, FTHB must evaluate various mortgage
  options.
• Take advice from Mortgage Consultants to check
  the best options.

5

• Not fixing the Credit Score
• Financial challenges for FTHB start with a Credit
  Score.
• A credit score helps mortgage lenders to
  determine a persons trustworthiness.
• Since the investment is huge, mortgage lenders
  play safe.
• They approve or reject your mortgage application
  largely based on the credit score.
• To smoothen the process, maintain a good score.
• Make timely payments and clear all the possible
  dues before applying.

6

• Making Small Down Payments
• The mortgage covers most of the property amount.
• Homebuyers are often expected to make around 20
  downpayment.
• FTHB Mortgage Plans can also give zero to 3 or
  3.5 down payment options.
• While lesser downpayment seems like a good deal,
  it is not recommended.
• Less Down Payment More Loan higher monthly
  EMI
• Its better to save for down payment in advance.

7

• Not looking for FTHB Programs
• First-time homebuyers may not have sufficient
  downpayment ready.
• There are many FTHB programs with exclusive
  offers.
• Ask your mortgage consultant to suggest suitable
  loan options.
• The downpayment under such a loan goes around 0
  to 3 or 3.5 or more,
• The plans vary and have specific eligibility
  criteria.
• Do check your eligibility under VA, USDA, FHA
  loan programs.
• You may also qualify for added home renewal
  protection.

8

• Looking for a home mortgage plan is exhausting
  for FTHB.
• Your decisions must align with affordability.
• Consult Drew Mortgage for financial assistance.
• We are a mortgage lender company in
  Massachusetts.
• Our mortgage consultants can help you with the
  best plans.
• Feel free to connect https//www.drewmortgage.com
  /

9
DREW MORTGAGE BRANCH OFFICES Drew Mortgage
Associates 196 Boston Turnpike Road, Shrewsbury,
MA 01545 Phone [phone] Peabody
Mortgage Lenders
Boston Mortgage Lenders 1 Mt
Pleasant Drive Peabody, MA 01960
232 Commercial St.Boston, MA
02109 Phone [phone]
Phone
[phone]
10
(No Transcript)