The majority of homes selling right now in Irvine Orange County are to first-time homebuyers! If you fall into that category, check out this short video and learn how to avoid 4 critical first-time homebuyer mistakes and ensure that the buying process is smooth right from the start!
Check out all 10 first-time homebuyer mistakes at – http://money.msn.com/home-loans/10-first-time-homebuyer-mistakes-investopedia.aspx?gt1=33032
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Great post Robert. I work with quite a few first time homebuyers as well and there are a lot of little things that you need to help coach them along with. I always tell them that just because they’re pre-qualified for a certain amount doesn’t mean they need to borrow all of that. The last thing they should do is become “house poor” and not be able to live the same lifestyle that they were prior to buying the house.
Thx Cheryl. It happens so much nowadays:). buyer gets pre-approved for a loan for a certain price, and then when they find out their total monthly payment they freak out! Thats why I always encourage buyers to focus on financing first prior to their home search as the criteria will always change if they start the process backwards. Especially in the case of FHA buyers where they scrape together what they have for a down payment with little in reserves for emergency, having a bit of room to “breath” on a monthly basis will always offer a higher quality of life for them and they can actually enjoy their home rather than hope they can afford it! thx for your feedback:) In my experience, when you have back up reserves for emergencies, then emergencies tend to not happen as much!