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Real Estate Blog for Buyers & Sellers

Buying a home is always a big decision, but when you're a first-time buyer it's even more important to get it right.


Without home-buying experience to draw on, it's easy to make mistakes you could regret for years to come. Here's what to avoid

1) Don't Rush the Mortgage


In the excitement of buying your first home, it can be tempting to sign up for the first mortgage offer you're approved for. Being too hasty is a serious mistake which can cause difficulties for a long time to come.


It's a good idea to speak to an impartial mortgage adviser before committing yourself to any deal, but in any case, always bear some simple points in mind.


- Be very cautious about how much you try to borrow, making sure you leave plenty of headroom in your budget. Owning your own home has many extra costs compared to renting, and you need to leave yourself some breathing space to handle them.


- Explore your down payment options. The larger the down payment you can afford, the lower your monthly payments will...

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Securing pre-qualification, pre-approval, and mortgage commitment letters can simplify the mortgage application process. These steps can also help home buyers avoid disaster. They don't need all three, however.


Mortgage Pre-Qualification and Buying a House


Future home buyers can get pre-qualified for a home mortgage long before they ever start house shopping. Used mostly by buyers to gather information and ask questions, this process is quite informal. Applicants have a consultation with a mortgage lender. He or she will ask a range of questions about debt, finances, the type of home the applicant would like to have, and the requirements for various loans.


Using this information, the mortgage lender will then provide the applicant with a range of information. First, the lender will discuss any details in the applicant's financial profile that may cause issues with the approval process.


He'll also discuss mortgage types, their requirements, and what borrowers need to be approved. This gives...

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Purchasing your first home is always an exciting life milestone. However, if you want to make a smooth and easy transition into home ownership, there are a few mistakes you should try to avoid along the way, such as:


Not Shopping around for a Lender


When trying to purchase your first home, the simple act of being pre-approved for a mortgage can be a huge relief. However, it is rarely a good idea to finalize your mortgage with the first lender who pre-approves you. Instead, you should try to shop around with multiple lenders to see who can offer you the best rates and lowest closing costs. Failing to do so could end up costing you thousands of dollars in the long-run.


Failing to Consider the Neighborhood


The house you just saw may be your dream home, but what about the neighborhood? The property's surroundings often have an effect on the quality of life you will enjoy in your new home - so you would be well advised to learn as much about it as you possibly can. After all, the last thing you...

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