5 First-time Home Buying Mistakes to Avoid
Buying your first home is a very exciting and rewarding process, but it often comes with a few pitfalls that can catch even the most careful by surprise. At Clark County Credit Union, our team is here to help you avoid those pitfalls and properly prepare for the homebuying process, so you can get your front door key quickly, easily and at rates you can afford. Below is a quick look at five of the most common first-time homebuying mistakes to avoid.
5 First-time Homebuying Mistakes to Avoid
- Shopping for a Home First and a Mortgage Second
Looking at homes and finding what you love in a property is fun. However, it's important to first talk to a trusted lender and find out how much you can realistically borrow first before you go house hunting.
- Not Asking About First-time Homebuyer Programs
When you sit down with a mortgage lender, be sure to ask about special first-time homebuyer programs as well as other minority programs. For example, the Department of Veterans Affairs offers no-down-payment loans for first-time veteran homebuyers.
- Not Looking at Potential Properties Honestly
Buying a home is a major investment. Be honest when researching homes and try to stay away from the common mistake of falling in love with the first property you find. Falling for a house too fast often means disregarding downsides that could be deal breakers, such as long commutes, insufficient space, etc.
- Hiring the First Home Inspector You Find
Always hire a licensed home inspector before purchasing a house. The time and fees are worth it to avoid expensive and potentially hazardous issues (like high radon levels). Make sure to choose a licensed home inspector with at least five years of experience and a sizable portfolio with recommendations.
- Being Disorganized and Unprepared for Paperwork
The homebuying process requires a lot of record keeping and paperwork. You'll typically need at least three months of bank statements, in addition to tax returns. If you are self-employed, more paperwork may be required. Having your papers organized and stored in one place will make things easier.
To learn more about this and other first-time homebuyer programs, contact us at 702-228-2228, option 1, to speak with one of our home mortgage loan officers today!