Common First Time Home Buyer Mistakes
Being a first time home buyer can be scary! Here are some common mistakes and misconceptions to avoid.
1) Lack of credit- Make sure you have a credit score around 620 in order to qualify for a mortgage.
2)Lack of cash-You will need cash for a down payment, earnest money, inspections, appraisal, closing costs, prepaid interest, 3-6 months of reserved money to use for the first few months of house payments, and up front escrows.
3)Not knowing how much to spend- Talking with a loan officer will make the process more realistic.
4)Can't get out of ease-Usually, you can negotiate with your landlord but you should expect to loose your security deposit.
We are always here for first time home buyers!
-Mary & Kelly