Homebuying October 12 2018

5 Common First-Time Homebuyer Mistakes

You’ve scrimped and saved for years—dreaming about owning your first home. Now it’s time to make one of the largest purchases of your life. Are you ready? Have you done all of your research? Almost half of Americans have some regrets about the home they now own, according to a survey by Trulia. A little preparation can prevent that from happening to you. Here are some of the most common mistakes first-time homebuyers make:

They don’t ask their lender enough questions.

Don’t be afraid to put your lender to work. If you take the first loan they mention, you could be missing out on the best deal. A reputable lender will take the time to get to know you and your financial situation before suggesting loan options. These questions will get the conversation started:

  • What is the interest rate?
  • What are the lender fees?
  • What is the minimum down payment to qualify?
  • What kind of loan is it, and what are the pros and cons of each type?
  • How long will the loan process take?

They don’t act quickly enough to make a decision.

We get it—choosing a home is not a decision you are going to make lightly. But that doesn’t mean you can take all month and expect the home to be waiting for you. In July 2018, Properties typically stayed on the market for 27 days.[1] 55 percent of homes were on the market for less than a month![2]

While buying your first home can be an emotional process, it’s important to stay focused and rational. You don’t want to fall in love with a house you can’t afford, but you don’t want to settle either. Try making a list of your must-haves and your could-do-withouts. That will help you make a quick, practical decision in a hot market.

 

First Time Homebuyers Guide

 

They don’t work with the right real estate professional.

Buying a home usually means hours of filling out complicated forms that most first-time homebuyers have never seen nor heard of. A real estate agent can help you through each step—explaining what it’s for and how to do it right. Their expertise is worth the extra investment. In fact, their market knowledge may end up saving you from offering more than a home is worth.

They don’t make a compelling offer to the seller.

A seller that has only had a home on the market for one day is not as likely to accept an offer that’s below the asking price as one that has been on the market for one year. It’s important to do your research. A comparative market analysis (CMA) will help you compare the property you want with similar homes in the area. Based on that, go ahead and make your best offer first.

They don’t think about resale before they buy.

The average first-time buyer stays in their first home for about 11 years.[3] That may seem way down the road right now, but it’ll be here before you know it. Considering these things will help smooth the transition into home number two — location, age, and size. Considering these important factors is a great start to a smooth home buying process, but many other questions are sure to pop up. For more than 30 years, the loan officers at Eagle Home Mortgage have been there to help, so don't hesitate to reach out.  

October 19 2017

Phishing Scammers Target Home Buyers

Phishing is when scammers utilize fraudulent means to gather personal information. Keep your finances and personal information...

Read More

October 12 2017

How to Counter Bad Luck this Friday the 13th

The only Friday we don’t look forward to, the 13th! Here are 8 ways to counter the bad omen and improve your good luck this...

Read More

October 10 2017

Refinance 101

Any decision affecting your mortgage is an important one. Learn more about what refinancing is to determine if it is the right...

Read More

October 06 2017

Your Guide to FHA 203(h)

Did you lose your home due to a natural disaster? You may be eligible for an FHA 203(h) loan, which you can use to rebuild or...

Read More

October 03 2017

6 Simple Ways to Save Money Around The Home

There are countless ways to save around your home – without altering your lifestyle. Consider these 6 simple steps to start...

Read More

October 02 2017

Your FICO Score Range and Why It Matters

FICO scores are used in 90% of credit decisions to accurately understand your credit risk as a borrower. When you are obtaining...

Read More

September 29 2017

FHA 203(k) - The Renovations Loan

Has your home suffered damage? Have you found a great deal on a depreciated home? FHA 203(k) allows you to finance the cost of...

Read More

September 19 2017

These Grocery Stores Could Offer Value to Your Home

Do you live near a Whole Foods or Trader Joe's? These grocery stores may add value to your home according to Zillow study.

Read More

September 11 2017

What Buying a Home Does to Your Credit Score

Your credit score will be affected in the mortgage loan process. Luckily for you, these are only minor and short-term dings that...

Read More

First2526272829Last

Search Results for query

February 22 2022

NAMMBA Connect Tour 2022 - Sponsored by Lennar Mortgage

Lennar Mortgage is proud to sponsor NAMMBA Connect Tour 2022.

Read More

January 05 2022

How to Prep Your Home When Heading on Winter Vacation

For peace of mind when you're gone on a winter trip, here a few simple tricks and tips you can use to get your home vacation-ready.

Read More

December 14 2021

FHA Loan Limits Increase for 2022

Check out how the FHA is making things easier for those hoping to buy a home in 2022.

Read More

November 10 2021

Pet-Friendly Remodeling Ideas

Here are a few ideas for making some pet-friendly changes to our homes to make them more fun, friendly and comfortable for our furry friends.

Read More

November 03 2021

Fall Garden Cleanup Checklist

Find out which chores to skip, which are must-dos, and how to keep your garden looking beautiful in the fall.

Read More

October 27 2021

Should You Buy a Home with Cash?

Paying upfront instead of obtaining financing is often seen as a way of getting a leg up on other potential buyers. But is it always the best idea? And why is it so common

Read More

October 19 2021

5 Ways to Make Your Offer Stand Out in a Tight Housing Market

With huge buyer demand and a shrinking inventory, this market means you'll need to be strategic, creative, and prepared in order to buy your dream house.

Read More

October 12 2021

Should I Buy a Home with an HOA?

In the excitement of buying a new home, it can be easy to overlook the presence of a Homeowners' Association, or HOA. But an HOA can have a lot of influence over your purchase choice, including your monthly payment, the money you need to set aside for...

Read More

October 04 2021

14 Brilliant Ideas for Decorating Your Porch This Fall

Simple and inexpensive solutions for a cozy, colorful porch that says "welcome."

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?