Mistakes to Avoid
Miscalculation the hidden costs of homeownership Homeownership is much more than just a mortgage payment. As a new homeowner, you’ll pay for property taxes, mortgage insurance, homeowners insurance, hazard insurance, repairs, maintenance and utilities.
Looking for a home before applying for a mortgage Many first-time home buyers make the mistake of viewing homes before ever getting in front of a mortgage lender, In a competitive market, you could lose a property if you aren’t pre-approved for a mortgage.
Don’t do it alone The Payne Team real estate agents and Loan Officer Shawn Hunt have your best interest at heart.
Draining your savings Spending all or most of their savings on the down payment and closing costs is one of the biggest first time homebuyer mistakes
Being careless with credit Lenders pull credit reports at pre-approval to make sure things check out and again just before closing. Any new loans or credit card amount on your credit reports can jeopardize the closing and final loan approval
DON'T
Make any major purchases such as cars, boats, or furniture Open or close any credit or any accounts, including new loans Pay off any accounts or charge-off/ collections without discussion with a loan officer first Transfer money between accounts Receive & deposit a monetary gift without first discussing the transfer of those funds with your mortgage advisor
Change positions, employers or take a leave of absence Start home improvement projects or move residences Make cash deposits into your bank accounts
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