Published on: February 5th, 2020 | Written by Jimmy Vercellino
New homebuyers moving into their home

The excitement of buying a new home can cause you to make some hasty decisions. A house that looks perfect during a tour could have issues lurking beneath the surface.

The excitement of buying a new home can cause you to make some hasty decisions. A house that looks perfect during a tour could have issues lurking beneath the surface.

You may also find that things get confusing as you try to figure out the financial aspects of your home purchase.

Although the home buying process does get complicated, you don’t have to let it lead to making decisions that you regret. These mistakes are the ones that we see new home buyers commonly make.

Simply knowing to watch out for them can help you feel confident when its time to sign the final papers.

Don't Skip Pre-Purchase Counseling

If this is your first time buying a home, then there is a whole lot that you may not know. Even experienced homeowners benefit from pre-purchase counseling if they haven’t bought a house in several years.

Pre-purchase counseling walks you through the steps of buying a home, and you’ll get assistance with essential aspects of home ownership such as debt management.

The Department of Housing and Urban Development (HUD) can help you locate a counseling office that educates new home buyers.

Be Sure to Follow a Budget

You may be eager to start touring homes to find one with a spacious kitchen or jetted tub. However, it is best to start with the boring stuff first.

Know how much of a mortgage payment you can afford before you start following your dreams.

There are mortgage calculator tools online or you can crunch the numbers on paper. Just make sure to factor in all of the costs you’ll cover each month. Your homeowner’s insurance, property tax payments and interest on the loan can all add up.

Once you have the amount you can afford, look for homes on the lower end of that price range. You may end up buying a house that costs a little more, but it helps you to keep realistic expectations.

Don't Wait to Save Up for a Down Payment

There’s no denying that putting a decently sized down payment on a house is usually a smart financial decision. Yet, you could be wasting time and money while you wait to save up enough. With a VA loan, buyers are often able to buy a home with no down payment.

Find the Right Lender

The VA backs your loan, but you have to find a lender first. Lenders tend to have different requirements for home loans. These can lead to surprisingly different offers on interest rates and requests for down payments.

We can help you get the best home loan interest rate.

Take the Blinders Off

Home buyers sometimes get so fixated on certain parts of a house that they fail to see the big picture. Try to look at the basic structure of the house, and ignore the things that are easily changed.

Do you like the floor plan but hate the hideous wallpaper in the living room? If so, then this is an easy fix. Seeing a house from a fresh perspective can help to make the decision process easie

Buying a new home is a long term investment. You need to know that the house you choose fits your lifestyle for years to come.

Make sure to use every opportunity you have to make your house payments affordable. With some careful planning, you can afford the home of your dreams and avoid being hit with unwanted surprises.


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Author

Jimmy Vercellino

Mortgage Originator, Specializing in VA Loans

Jimmy Vercellino, a Marine veteran, specializes in helping military veterans benefit from the VA Loan Program and buy the home of their dreams.