5 First-Time Homebuyer Mistakes to Avoid – Ventura Real Estate

by Gary and Lisa Schoeffler on September 29, 2013

in Latest News

Buying a home can be both exciting and overwhelming for the first-time homebuyer. If you’ve decided to take the plunge into home ownership and have already started the search process, make sure you’re not making some common first-time homebuyer mistakes.

Your upcoming investment could end up being a bad decision if you overlook some important facts about home ownership and sign that contract before you’re really ready.

Here are five mistakes first time homebuyers need to avoid:

1. Searching for the dream home before getting prequalified for a loan. Save yourself the disappointment of not being able to afford the home of your dreams by getting prequalified for your loan before you start house hunting. Instead of picking out a price range and searching listings, take the time to talk to a lender about how much house you can realistically afford and what the monthly payment breakdown – with all taxes and other fees included – will be. The amount you are preapproved for will help you create a realistic budget for your home search.

2. Delaying the buying process in hopes of a better rate. Mike Schenk, vice president of economics and statistics at the Credit Union National Association, points out that adjustable rates are now at rock bottom at about 3 percent. If you really are ready to make the commitment for home ownership, talk to a lender about securing a loan at an adjustable rate instead of a fixed rate.

3. Thinking short term. It’s easy to get carried away with that new home search and overlook some important information about the neighborhood you would move to, future developments in the area and the resale value of your home. As a first-time homebuyer, the idea of selling your home in the near future probably isn’t at the top of the priority list, but it should be. “Buy that first house with the idea that you can resell it with some ease should your plans change in five years,” says Mike Bacsi, senior mortgage loan officer and assistant vice president at Johnson Bank. “Hold off on buying the super charming or quirky house until you are financially established and can afford the charm.”

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This is great information, but there is no substitute for working with experienced Real Estate Professionals to guide you through the process. We have worked with many first time home-buyers to find them exactly what they need. Call us today and put us to work for you.

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Post by Gary and Lisa Schoeffler

Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472

Gary and Lisa has written 371 articles.

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