How to Avoid Common Home Buyer Mistakes
Don’t Make Serious Mistakes Before Buying Your New Home.
Many homebuyers will say they just fell in love with a house when shopping for a new home. But the saying love is blind may be true.
However, taking your emotions out of the equation will help you avoid common home buyer mistakes
you should know about.
Know What Monthly Dollar Amount You Feel Comfortable Committing to
Knowing the monthly dollar amount that you feel comfortable with and can qualify for a mortgage with, is essential before beginning your home buying search.
Often a new home buyer will see homes they would love to purchase before knowing their budget and getting a pre-qualification letter from a lender.
If you are shopping for homes that are too expensive, you may find yourself frustrated and very disappointed.
How to Figure Out How Much Home You Can Afford to Buy Without Breaking the Bank
A great place to start to find out how much home you can afford is to use a free mortgage calculator [link to mortgage calculator proctor page].
Knowing this information will give you a good idea of what dollar amount will be comfortable for you without breaking the bank.
The next step would be to reach out to a trusted lender who will tell you how accurate your figures are based on your specific situation.
Knowing Your Prepayment Privileges and Payment Frequency Options Can Save You Money
Many home buyers are unaware of their payment options for their mortgage. Before committing your hard-earned dollars to monthly mortgage payments, knowing your prepayment privileges and payment frequency options is essential.
Adequate consideration of these critical areas can make your payments work much harder for you.
How Making Your Mortgage Payment Options Work in Your Favor to Avoid Spending More Money in the Long Run
Making your mortgage payment options work in your favor will shave years off your mortgage.
You can make frequent payments weekly or biweekly. This is a great way to structure your payments to save money.
These frequent payments will significantly lessen the interest you will be charged over the long term.
An authorized prepayment percentage of your mortgage, or increasing the amount you pay monthly, will significantly lessen the number of years you will pay.
Reach Out to Us When You Want to Buy a Home in Jacksonville
Your Home Sold Guaranteed Realty – The Phil Aitken Home Team have trusted preferred lenders we work with to arm you with all the information you need to avoid homebuyer traps you can’t get out of.
Call us at (904) 544-5252 or fill out the form below for more information.