What I Wish I Knew About Mortgages and Real Estate Before Buying My First Home
Before I was an independent mortgage lender, I was a first-time homebuyer. My experience, like many others, wasn’t perfect. I found it difficult, challenging, and even frustrating. It was the reason I decided to dedicate my career to making the process easier for others. There are some lessons I learned along the way that I wish I had known before buying my first home. It’s my goal to help others, so here are a few common misconceptions and what you should know.
Talk to a Mortgage Lender First
More than anything else, I wish I had known to talk with a lender first. We see it so often when a first-time home buyer starts by looking for their dream home only to be disappointed when they don’t qualify.
That’s why we always advise buyers to talk with a lender first. If you know what your budget is, you can search for the right house accordingly.
Look into First Time Home Buyer Programs
First time home buyers also often leave money on the table. There are several programs in our area, and all around the country, to allow people to enter the market for the first time and have an easier process when buying a house.
For example, here in Asheville, there is the Down Payment Assistance Program. We encourage everyone looking for their first home to apply for programs like this.
Hire The Right Real Estate Agent
Once you have your financial picture in place, it’s time to start looking. Choosing a buyer’s agent is just as important as choosing an independent mortgage lender. Just like any other service provider, you need to select someone who is a good match for you and can help you find what you’re looking for in a home.
Check out our guide to finding the right real estate agent. Coming Soon – Check our blog this month! At GoPrime Mortgage of West Asheville, we can also provide three referrals for real estate professionals in the area.
Make Your Home and Neighborhood Wishlist
Humans can be emotional when making certain big decisions. Buying a home is no exception. To make the best decision, you sometimes need to leave emotion on the table. One way to improve your experience is to preplan by making a wish list.
Write down your “must-haves” for a new home. Then make a list of the “nice-to-haves” and any deal breakers in a house. You can do the same for neighborhoods or areas of town where you would like to live.
Plan for Additional Expenses
Another big mistake new home buyers make is not planning for additional expenses. The down payment and closing costs are just the beginning. Once you close on the house, you need to prepare for mortgage payments, taxes, insurance, and other expenses.
You may also want to start an account to save money for expected and unexpected repairs along the way. The cost of home maintenance should be figured into your plans for owning a home. This article from NerdWallet offers some great advice.
Are you a first-time homebuyer in Western North Carolina? Contact the team at GoPrime Mortgage of West Asheville today. Call Zachery Adam at GoPrime Mortgage in West Asheville today.
