- Unrealistic Expectations – Securing your first home and your dream home in one shot is nearly impossible. In fact, very few First-Time Home Buyer’s fall in love with their property at the beginning. Sometimes they have very old finishes, shingles that need replacing, or some other item(s) that need updating. Be prepared to be underwhelmed but remember that most homeowners level up every five years or so and get closer to a home that has everything on their Wish List!
- Shopping Mortgage Brokers – While it is recommended that you review your options for lending institutions, as well as interviewing the mortgage associate directly, it is not recommended that you complete a full mortgage application process with each one. Each time you complete a mortgage application, your credit will be pulled therefore damaging it more with each additional application.
- Using Numerous REALTORS® – You will end up exhausted, confused, and there will be a lot of wasted time. The importance of using one professional is that there is one strategy that is being utilized to bring your real estate dreams to reality. You have full confidence in that professional and they understand your objectives clearly. You may even run into one of the other REALTORS® you were using during negotiations, so you lose your negotiating leverage.
- Furniture Shopping Before Possession – Picture this… you bought your dream home! Your possession date is in one month, so you decide to go furniture shopping and complete a full charge at your favourite furniture store. New couches, new bedroom set, table and chairs, your new home will look stellar. A week later, your possession date rolls around but it is not completed because your debt ratio is no longer approved by your mortgage lender.
- Viewing Homes Before Your Mortgage Qualification – You are wasting your time, your REALTORS® time, the sellers time, and the selling REALTORS® It is like going to a golf tournament with no clubs, it makes no sense and is an act in futility. You are also setting yourself up for disappointment in the event where you fall in love with the home, but you cannot make an offer because your finances are not in order.
For more tips on how to make your first home purchase a success, contact Tanya LaRose at 306-380-7325.