Top 3 Mistakes Made by FHA Homebuyers
Great Article for Buyers to review and look at the great linked articles that have information to help them in the most expensive transaction of their lives.
Whether you're a first time homebuyer or you are making a move up, mistakes in the home buying process can be made. Avoiding them can save you time, money and a lot of frustration.
1. You Selected the Wrong Mortgage
With so many loan programs to choose from, understanding which suits you best is imperative. Take the time to discuss your options with your Loan Officer. When you consider one program against the other, the top questions to ask yourself are:
- Do you want an adjustable rate mortgage or a fixed rate? An adjustable rate can be fixed for a period of time (anywhere from 1-10 years) where as a 15 or 30 year fixed rate is fixed for the term of the loan.
- Are you interested in putting the least amount down or have you saved 20% or more for your down payment?
- Is your credit history spotless or have you faced a few challenges such as medical collections or late payments on auto loans, credit cards or other revolving debt?
While you would like to believe that your Loan Officer has your best interests at heart, no one knows your situation like you do. Understanding what you can afford and what your options are, are key to your long term happiness.
2. Choosing the Wrong Real Estate Agent
Whether it's your cousin, uncle, clerk at grocery store or sister's brother from another mother - everyone all of a sudden has their real estate license once you're ready to buy. Don't make the mistake of hiring a part time realtor. This is the largest purchase you will ever make and deserves the guidance of a true professional. You need a buyer's agent who works for you and understands your needs.
As with any major purchase, references are vital! Ask your friends, family members and co-workers who they worked with and what qualities they found most important. Then it's time for you to interview the top candidates and choose the one that feels right for you.
Most importantly: make sure the agent has significant experience in Colorado Springs, your nieghborhood and the price range you're purchasing in.
If you are still unsure why you should use a real estate agent then read the comprehensive article What Realtors Do for Buyers.
3. You Didn't Consider Your Budget
You didn't sit down and consider what impact a monthly mortgage payment would have on your budget or worse yet; you don't even have a budget.
Why would you allow your lender to tell you how much you can afford? Your family budget should be determined based on your current debts and what you feel comfortable in spending. I recommend you spell out what your intake and output are on a monthly basis and then analyze what is left at the end of the month. From there you can decide on a comfortable mortgage payment that will allow your loan officer to determine the price range of your new home.
Having a plan and understanding the factors involved when it comes to purchasing a home can be the difference between happiness and heartache.
To learn more: Check out our FREE Top 20 Homebuyer Secrets that can save you thousands of dollars! Plus browse our Home Buying Resources section and fill-out a free no-obligation secure online application or call us in Colorado Springs, Colorado at 719.387.1368 with any questions.
Bad credit or No credit? Check out our Credit Repair Program and get started on the path to homeownership today!
Top 3 Mistakes Made by FHA Homebuyers in Colorado Springs, CO was written by Rebekah Radice.
Rebekah's Mortgage Grapevine (unashamed plug) provides insight, education and musings on anything from mortgage lending and real estate, to social media, marketing and all things relevant to your everday success! If you want to learn lots of cool things, have your thoughts provoked, AND be entertained, be sure to hit the SUBSCRIBE button to the right!
Rebekah Radice | Mortgage Loan Originator
T: 719.387.1368 | Email: rebekah@rebekahradice.com | Website: http://rebekahradice.com |CO & NMLS Licensee: LMB100010938 & 288596 | Benchmark Mortgage dba Ark-La-Tek Financial Services, LLC | 12 E. Kiowa |Colorado Springs, CO 80903
FREE Marketing, Sales & Success Strategies for Colorado Real Estate Agents:
Find Me on the Web!
Other Recent Articles from Rebekah's Mortgage Grapevine:
Working Harder Doesn't Make You Smarter
The Naked Truth | Facing Your Blogging Fears
How to Buy Your Colorado Home with a VA Loan
How to Add Social Media Buttons to Your Active Rain Signature
6 Ways to Drive Traffic to Your Website or Blog
Blooming for you!
Comments (3)Subscribe to CommentsComment