If you are reading this blog, then you have either bought a home or are thinking about buying one. It is no secret that buying a home is a BIG deal especially finanacially. As a first time home buyer there are 3 mistakes you want to avoid when purchasing your first home.
1. Not Getting The Right Real Estate Agent
When you set out to buy your first home one of the top priorities should be finding a Realtor you are comfortable working with. The agent should have some experience and be competent enough to answer questions pertaining to buying and selling homes. Buyers have been using zillow or other online resources in the home buying process, but are still relying on a local real estate agents to help them in the buying process.
2. Not Taking DTI Seriously
DTI stands for debt-to-income ratio. It’s one of the very first things your lender will investigate when assessing your mortgage borrowing power. So, if you’re planning to buy a home in the near future, do not pick up any new debts, especially unaffordable ones. You should also check out a past blog about fixing your credit score.
3. Not Getting a Home Inspection
Finding the “perfect” home can be very exciting. But, don’t get too carried away. You still need to protect yourself by investing wisely. Oftentimes, first time home buyers try to cut costs by skipping the home inspection. Having a home inspection is for your own protection. Don’t buy a home in the dark.
Other Excellent First Time Home Buyer Articles
- How to buy your 1st house via Great Colorado Homes.
- Why it is important to be fiscally responsible when buy a first home by Veterans United.
Use these additional resources to make sound decisions when buying your first home. Research and education provides a great way to go in with your eyes wide open when purchasing your first home. Need help getting started? Request a FREE Buyer Home Match.