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7 Things No One Tells First Time Homebuyers
First time homebuyers in the Columbus, GA/Phenix City, AL area are told a lot of things —
“Save your money,” their parents advise.
“Location, location, location!” their friend’s friend cautions.
Reasonable advice, for certain. But there some important elements of the home buying process which a typical Columbus, GA/Phenix City, AL area first time homebuyer doesn’t usually hear. I’ve listed some of the most important ones, in no particular order:
1. Mortgage rates you see advertised aren’t usually what you get
The banner ads are everywhere online: “3.2% rates!” “No money down!” But the truth is, mortgage rates vary greatly. The only way you’ll know what rates you actually qualify for is to go through a complete mortgage application including credit pulls and income verification. One more point to consider: online mortgage calculators, while convenient yet just about worthless, can be deceptive if you do not factor in the real cost of tax, insurance, and PMI when you’re looking at an FHA-loan.
2. Every Tiny Bit of Debt Counts
Think that $1400 left on your Visa isn’t going to matter? Think again. Every iota of debt weighs in when your credit is scored. What man Columbus, GA/Phenix City, AL area first time ... more
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