By Stephanie Booth for realtor.com| Jan 23, 2018
In an effort to clue you into some of the challenges you’ll face as a first-time home buyer, we asked some folks who’ve already gone through the ringer to spill what they wish they’d known earlier, that would have saved them a ton of time, effort, and tears. Here’s to hoping their 20/20 hindsight will help pave your own path to home-ownership.
You can’t get pre-approved by plugging in simple numbers on a mortgage calculator. You need an experienced lender who will take a detailed history and require documentation of your assets and income. This is the only way you’ll establish if you qualify for a mortgage and for how much.
It looks perfect, What could go wrong? The home inspection, that’s what. No matter how nice a home looks, a home inspection is the only way to make sure you aren’t buying a lemon.
Buying a home requires you to stay on top of your to-do items, especially during the escrow process where there may be penalties for missing a deadline. Prime among this is the three-day requirement to send in your deposit. Miss that and you may miss out on the deal.
A lender can make or break a deal, so choose wisely. One of the main things to look for besides the loan rate is the responsiveness of the lender. They need to move fast or the deal may fail. Your Realtor knows the track record of lenders in our area.
It’s tough not to get disheartened while house hunting. Competition is fierce, and you need to prepare yourself for the long haul.
You may need to adjust your criteria so more possibilities are opened up. In the meantime, “keep making those offers. One of them will get accepted.”
For more information on what to expect when looking for your first home go to bmre.us/tip3
More tips for home buyers and hints for home sellers can be found if you go to bmre.us/tips