4 First-Time Homebuyer Mistakes To Avoid

4 First-Time Homebuyer Mistakes To Avoid

Buying your first home is exciting. Yet, since you've never bought one, there are mistakes you can make that can cost you financially. Point Mortgage in Miami offers many first-time home loans. Below, we'll go over four first-time mortgage mistakes to avoid. Get in touch with us today!

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Shopping For Homes Before Pre-Qualifying for a Mortgage

The problem with shopping for a home before you are pre-qualified for a mortgage is that you have no idea what price range to look for. Thus, you may be wasting your time (and your realtor's time) looking at homes that are out of your price range.

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Not Looking into Special Programs and Options

As a first-time home buyer, there are many special programs and options for you to choose from that can offer you great savings. Speak to your mortgage lender to learn more today.

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Draining Your Savings on a Down Payment

The problem with using all of your savings on a down payment is that then you have no emergency funds to draw from if something were to occur, such as a job loss or a hospital stay. Thus, you'll want to ensure you keep some money in your savings after you purchase your home.

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Being Careless With Credit

The higher your credit score, the better interest rate you will get on your mortgage. Thus, if you've been late on payments or missed payments, you could have a lower credit score than desired, which will cost you thousands in the long run.

CHOOSE POINT MORTGAGE IN MIAMI TODAY

Point Mortgage is a mortgage broker located in beautiful Miami, Florida. We offer exceptional first-time home buyers loans with great terms that you'll love. Our experienced mortgage brokers can answer all of your questions and ensure you are set up for success. If you need a first-time home loan, contact us today!