James V. Hecker

Santa Clarita California

  • Home
  • About
    • About Me
    • Privacy Policy
    • Site Security
    • Accessibility Statement
  • Mortgage Info
    • Mortgage Calculator
    • What to Expect at a Loan Closing: A Step-by-Step Guide
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Guides
    • Downpayment Assistance Guide
    • New Home Purchase Guide
    • Refinance Strategies
  • Blog
  • Contact

3 Huge Mortgage Mistakes Made by First-time Home Buyers – and How to Avoid Them

March 31, 2015 by James Hecker

3 Huge Mortgage Mistakes Made by First-time Home Buyers - and How to Avoid Them As a first-time home buyer, you may actively be seeking out information about your upcoming purchase. Buying a home is a huge financial move to make, and it can impact your financial situation and even your lifestyle for many years to come. While it is important to learn more about what to look for in a home, it is also important to learn about mistakes home buyers have made. When you learn more about mortgage mistakes that others have made, you can take steps to prevent making those same mistakes yourself.

Committing To A Large Mortgage Payment

Many first-time home buyers contact a mortgage professional to determine what the largest loan amount and monthly payment they qualify for is. However, just because you qualify for a loan amount and monthly payment from a lending perspective does not mean that it is affordable for your budget. After all, you may have a more expensive lifestyle, childcare expenses and other expenses that are not factored into the lending equation.

Not Reviewing All Home Expenses

When you own a home, you will be required to pay for expenses that are not in place when you rent a home. For example, you will have to pay for lawn care, home maintenance tools and supplies, repair bills, homeowners’ association dues and more. It is important to allow room in your budget for all of the expenses related to home ownership to ensure that your new home is affordable for you.

Failing To Inquire About Closing Costs

Your mortgage representative is required to disclose all loan charges and fees to you early on in the loan process, but some first-time home buyers do not take the time to thoroughly review or understand these fees. Many are unfortunately surprised by the amount of money they must come to the closing table with at the end of the loan process, and this can be avoided by simply asking questions and reviewing the preliminary loan statement up-front.

Each of these home mortgage mistakes can be costly to a first-time home buyer, but they also are all entirely avoidable. As you begin your loan process and proceed through it to closing, keep these mistakes in mind. Be sure to ask your loan consultant for more information if you have any questions. You can begin the loan process today by contacting a loan consultant directly.

Filed Under: Home Mortgage Tips Tagged With: Closing Costs, Home Mortgage Tips, Mortgages

James Hecker

Contact James


Focus Lending Group, Inc.
DRE #00902195 • NMLS #214601

DIRECT: 661.295.7030
MOBILE: 661.714.2145
FAX: 661.244.4932
james@james4loans.com

James Hecker Logo

Connect with Me!

Search articles

Latest Articles

  • Understanding the Jumbo Mortgage and Why Refinancing is Different
  • How Do Mortgage Points Cut Your Interest Costs?
  • You Ask, We Answer: What Are the Pros and Cons of Private Mortgage Insurance?
  • The Required Steps For A Smooth Mortgage Refinance Process
  • What’s Ahead For Mortgage Rates This Week – December 4, 2023

Focus Lending Group, Inc. is a licensed Broker/Lender with Cal DRE Lic.# 02034155, NMLS #1592078

Previous Posts

Categories

Our Location


27201 Tourney Rd. Ste 201
Valencia, CA 91355

Copyright © 2023 · Powered by MySMARTblog

Copyright © 2023 · Genesis Sample Theme on Genesis Framework · WordPress · Log in