One of the best things you can do as an Atlanta first-time homebuyer is to arm yourself with knowledge before setting out to buy your first home. Making mistakes when buying your first home is easy because of all the layers that come with the process. To ensure you don’t fall into any costly mistakes, learn these pitfalls to avoid so you can buy your first home with a greater sense of ease and confidence.
Mistake #1: Forgoing the Home Inspection
Gorgeous appliances and hardwood floors are sure to automatically thrill you. However, before you quickly make an offer it’s important to have your potential new home inspected. A professional home inspector will conduct a thorough examination of the roof, walls, insulation, plumbing, electrical systems, and all other structural components to make sure there aren’t any expensive problems lurking unseen. If any problems are revealed, you can either abandon the house or negotiate for a lower price.
Mistake #2: Buying a House Alone
It’s always a good idea to involve a real estate agent when buying a new home, especially if you’re a first-time homebuyer Many first-time buyers think all they need to do is research homes online to land their dream purchase. Real estate agents have inside knowledge and know every little specification, disclosure detail, and what you need to do involving required paperwork. They’re also experts in the field of negotiation and can help you get the best terms and price.
Mistake #3: Putting an Offer on the First House You Like
Before making a quick offer on the first house you like, look at different homes in the neighborhood to get a better sense of what you like and what you need. Looking at only one house could blind you to other areas in the home that aren’t quite up to par. Get a good look at everything out there so years from now you’ll know you made the right choice when compared to other options.
Mistake #4: Not Getting Pre-Qualified for a Mortgage
Before you start shopping for a new house, it’s always a good idea to get pre-qualified for a mortgage. This allows you to know exactly how much money you can get through a lender and makes putting an offer down much easier. Some first-time homebuyers begin looking at houses before getting pre-qualified. When they decide on the right house, they have to start the mortgage paperwork which may result in the house selling to someone else before the paperwork is finished. Getting pre-qualified allows you to know how much you have to spend and puts you in the position of being ready to make an offer.
Mistake #5: Not Doing Your Research on the Closing Costs
Every lender has their own fees and interest rates. As a first-time buyer, your credit history, how much down payment you owe, and your financial stability all play a role in your interest rates. In the same way that you want to research different houses, the same can be said for mortgages. Not every mortgage has the same rates and terms. At BrightPath, our mortgage options are competitive because we offer good rates, but we also do not charge expensive closing costs as other mortgage companies do.
While you may find another company that offers slightly lower rates, take a good look at the closing costs because they may end up being astronomical. It’s always important to do your research and make sure you’re not just getting great rates, but you’re getting a better deal all around.
At BrightPath, we have a wide range of mortgage options available to help you find the best fit for your finances. Visit our website today or call us at 888-222-6003 to learn more about our different mortgage options.