HomeQualified’s Ralph DiBugnara troubleshoots some common mistakes made by first time home buyers.
First Home Learning Curve
First time homebuyers don’t want to feel like novices in the real estate game. Follow along with Home Qualified’s Ralph DiBugnara as he lists tips and techniques to ease your mind and smooth the transition to ownership.
Approval First, Shopping Second
Before you shop, know what you can spend. We recommend seeking a mortgage preapproval before looking at properties. Buyers need to know how much they qualify for and what their estimated monthly payment will be. Nothing is worst then finding your dream home only to then find it’s out of your price range.
Hire A Buyer
Be discerning in your search for representation. Ultimately, you are looking for an agent that specializes in helping buyers. In addition, you want this person to be familiar with the neighborhoods and home types you are searching for. There is no price for expert advice.
Cash Poor
No matter how perfect a home is, do not drain your resources trying to make it yours. There are almost always unforeseen costs to consider. Leaving yourself financially strapped means leaving yourself financially vulnerable. Do not buy a home that compromises your ability to afford a cushion. Most of all, no address is worth the stress associated with being cash poor.
Just Say No to New Credit
Finally, it is essential that no additional credit is taken or debt onboard during the mortgage process. Consequently, disaster can ensue and your purchase could be compromised. Karrina Brown of RE/MAX Executives reports. “It’s a delicate set of equations that determines the amount you can afford to borrow. A big part of that calculation is your credit score, which can be negatively affected by new credit applications. Prospective homebuyers should avoid new credit card applications. Credit score would be just one reason that you wouldn’t want to take the risk.”
In conclusion, contact HomeQualifed today to learn more and graduate from novice to in the know.