Watch out for these mistakes when buying a home…

What are some of the mistakes people make when they are buying there first home? I wanted to find out the most common mistakes, to warn anyone who is reading this!

The first mistake is going through the process alone. Even if you do not choose to go through an agent you still need to consult with a lender, lawyer, insurer, and friends and family to help you through the process!

A second mistake is buying it the first time you see it! Before you go and buy the first thing you see you will want some research behind your belt! Before you start to look make a list of your budget, what you want in a home, what neighborhoods would work the best for you and your family and then you can start to look at the houses that fit that criteria! You do not ever want to make the mistake of falling in love with a home you can not afford!

A third mistake is not getting pre-approved before you go house hunting! Getting pre-approved means that a lender has looked at your credit rating and has agreed to approve you for a certain amount to buy a home with. Once you know how much money you are going to be able to spend it is a lot easier to go house shopping in your budget!

A forth mistake is barrowing too much money! Just because you qualify for a certain amount of money, does not mean you can afford that amount of money. Make a list of all of your daily activities that cost you money debt, entertainment, transportation, food costs, ect. You always want to make sure that when you pay all of your debts you do not exceed 36% of your income and that is before taxes!

Well I hope the awareness of these mistakes will help you the next time you are in the market to buying a first home!

Buying your first home

So you have finished college, met the love of your life, you are in a stable career and you are now looking into buying your first home! Ok, so the reality of life is nothing happens in that order, or exactly like that. Anyway it happened, you are now looking into buying your first home!

There are many things to consider when you are looking into buying your first home. You have to look at different areas and neighborhoods until you find the home that is right for you. You have to know your budget so that you know what price ranges you are looking at. Buying a home is not only about getting in the home but also being able to stay in the home. The costs you have to remember include paying insurance, property taxes, maintenance, or home owner dues along with your monthly mortgage payments. So make sure to do the math when you are looking into new home ownership so you do not miscalculate!

Do not be part of the crowd that got into risky mortgages and are now getting kicked out because they can not afford there bills. Be smart when looking into new homes. Do a lot of research and be educated on everything you need to know before you get into a mortgage you truly can not afford!