3 Mistakes First-Time Buyers Make (and How to Avoid Them)
May 22nd, 2017 by tisner
There are a few mistakes that many first-time home buyers make. Here are three of the most common mistakes and how you can avoid them when purchasing your first home.
Mistake #1: Assuming your credit is good.
The information in your credit report determines whether you can get a loan — and how much interest you will have to pay – so it pays to be certain your credit reports are accurate.
Check your credit reports for free from all three credit reporting companies — Equifax, Experian, and TransUnion — to make sure everything is correct. If you find errors, contact both the credit reporting company and the information provider (the person, company or organization that provided information about you to a credit reporting company) involved in the errors and ask them to fix the credit report errors.
Mistake #2: Getting pre-qualified, not pre-approved, for a loan.
It’s far better to be pre-approved for a loan than to be pre-qualified. Here’s why…
With pre-qualification, your lender does a preliminary evaluation of your ability to pay for a home and gives an estimate of the mortgage amount they’ll give you. The lender does not verify the information you provide.
Mistake #3: Allowing emotions to influence your decisions.
Buying a home is an investment. It needs to be treated as any other investment. You don’t buy stocks because they are pretty and you shouldn’t pick your home that way either. Make sure the home you buy fits your needs and allows you room to grow over the next few years. As with any sound investment, time is the key to a good return.
If you are a first-time home buyer, I would be happy to help you find (and get the best price for) your first home.
Access Teri’s one-stop Orlando FL home search website.
Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.
You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.
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