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Being a first-time homebuyer is exciting. It can also be confusing and overwhelming. Before you get started and find yourself in over your head, take a look at four rookie mistakes first-time buyers often make, so you can avoid them.
It’s normal to feel excited when you’re ready to start looking for your first home. But don’t look at homes before your lender preapproves you for a mortgage. Be prepared to make an offer if you fall in love with a house by getting preapproved before you start shopping.
You do not want to end up house-poor in your first home. Work with a lender to get preapproved for a loan you can afford. You don’t want to overextend yourself and end up in a situation where you could lose your new home.
It’s fun to decorate and furnish a new home. Just don’t shop before your loan closes. Any spending can affect your credit and can jeopardize your mortgage loan. Keep shopping, especially with your credit cards, to a minimum when you’re in the process of buying your first home.
If this is your first home purchase, you might not qualify for a traditional mortgage loan. Make sure you consider all loan options when seeking preapproval.
If you’re a first-time homebuyer, you need a mortgage lender you can trust to help guide you through the process. The team at Midland Mortgage Corporation has got your back. Contact us for an appointment to look over your options and get you started on the road to homeownership.