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Advice for First-Time Homebuyers

Filed under Home Buyers, Mortgage on May 20,2013 | Tagged in: , , , , ,

First-time homebuyers in Montomery County and Bucks County have never gone through the stressful experience of buying a home, and they often learn the hard way that making a wrong turn during this process is costly and stressful. Sometimes it leads to a failed deal.

Getting approved for a mortgage, finding the right agent, searching for the perfect home and staying within a budget are some of the challenges buyers must face before they become homeowners.

Here’s some good advice:

Many first-time homebuyers decide to buy when they feel ready for a mortgage. But just because they can afford the mortgage payments doesn’t mean they can afford to own a home.

“They have an idea of what their mortgage payment is going to be, but they don’t realize there’s much more to it.

Property insurance, taxes, homeowners association dues, maintenance, and higher electric and water bills are some of the costs first-time homebuyers tend to overlook when shopping for a place.

Home buying doesn’t begin with home searching. It begins with a mortgage prequalification — unless you’re lucky to have enough money to pay cash for your first house.

“You get preapproved, and then you find a home,” he says. “That way you’ll make a financial decision versus an emotional decision.”

“You are about to make what is possibly the largest single investment of your lifetime. “You want to make sure it’s done right.”

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