First Time Home Buyer MISTAKES | 9 Mistakes First-Time Home Buyers Make | First Time Home Buyer Tips.
CHAPTERS
00:00 - Introduction
09:20 - Not figuring out how much house you can afford
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How to avoid this mistake: Use a mortgage affordability calculator to help you know what price range is affordable, what's a stretch and what's aggressive.
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00:33 - Getting just one rate quote
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How to avoid this mistake: Apply with multiple mortgage lenders. A typical borrower could save $430 in interest just in the first year by comparing five lenders.
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00:50 - Not checking credit reports and correcting errors
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How to avoid this mistake: You may request a free credit report each year from each of the three main credit bureaus. You may dispute any errors you find.
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1:11 - Making a down payment that's too small
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How to avoid this mistake: Figuring out how much to save is a judgment call. A bigger down payment lets you get a smaller mortgage, giving you more affordable monthly house payments. The downside of taking the time to save more money is that home prices and mortgage rates have been rising, which means it could become more difficult to buy the home you want and you may miss out on building home equity as home values increase. The key is making sure your down payment helps you secure a payment you’re comfortable making each month.
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1:28 - Not looking for first-time home buyer programs
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How to avoid this mistake: Ask a mortgage lender about your first-time home buyer options and look for programs in your state.
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2:03 - Ignoring VA, USDA and FHA loan programs
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How to avoid this mistake: Learn about the following loan programs:
VA loans
USDA loans
FHA loans
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2:20 - Not knowing whether to pay discount points
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How to avoid this mistake: If making a minimal down payment is an accomplishment, the choice is simple: Don't buy discount points. If you have enough cash on hand, the value of buying points depends on whether you plan to live in the home longer than the "break-even period."
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2:38 - Emptying your savings
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How to avoid this mistake: Save enough money to make a down payment, pay for closing costs and moving expenses, and take care of repairs that may come up. Lenders will give you estimates of closing costs, and you can call around to get estimates of moving expenses.
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3:32 - Underestimating the costs of homeownership
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How to avoid this mistake: Work with a real estate agent who can tell you how much the neighborhood’s property taxes and insurance typically cost. Ask to see the seller’s utility bills for the last 12 months the home was occupied so you have an idea how much they will cost after you move in.
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9 Mistakes First-Time Home Buyers Make
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