Providing home loan mortgage financing in Lake, Geauga, Mahoning, Columbiana, Erie, Sandusky, Seneca, Wyandot, Putnam, Hancock, Ottowa, Fulton, Williams, Henry, Defiance, and many more Ohio counties.
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Providing home mortgages in Findlay, North Ridgeville, Highland Hills, Beachwood, Moreland Hills, Ashtabula, Rock Creek, Delaware, Franklin, Brunswick, Geauga, Grafton, Lorain, Green, Bath, Sandusky, Port Clinton, Huron and many other Ohio communities.
 
Providing mortgage financing in Cleveland, Cincinnati, Toledo, Bowling Green, Columbus, Akron, Canton, Avon, Strongsville, Avon Lake, Solon, Dayton, Medina, Wooster, Youngstown, Alliance, Mentor, Elyria and many other Ohio cities.
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New Home Buyer Mistakes 

Buying a your first home can be a very stressful experience. During the home buying experience you will encounter many different emotions while shopping for your new home, securing a home loan and moving to your new home. Most Homeowners do very little research before they buy their first home. In order to eliminate undue stress and make the process a memorable and enjoyable event you may want to take the following tips into consideration.

One of the biggest mistakes a new home buyer makes is buying a home based on how much they are pre-approved on with the lender, instead of a home that they feel they can comfortably afford on their own. While the lender loans you the money to buy a home, the lender DOES NOT make your monthly mortgage payments for you. They do not care what you have to sacrifice to make your monthly mortgage payments as long as you make them. Do not get caught up in sacrificing your quality of life, simply to afford to live in a home. Buy a smaller home that you can comfortably afford and make payments on so that you can still afford to take family vacations, buy the extras in life that truly make it more enjoyable and provide a lifestyle for you and your family that you may not have had.

Always talk to a trusted mortgage professional about how much home you can afford. Getting pre-approved for a mortgage loan not only lets you how much you can afford, it lets the seller know that you are a serious and qualified buyer.

Many experts believe buyers should try to determine the future value of home when deciding whether to buy a home. The question buyers should ask themselves is " If I had to sell this home quickly will I be able to sell without losing money?".

When you are buying your first home make sure you consider what functions you need your home to have for yourself and/or your family. If you or a family member are disabled, it may not be a good decision to buy a home without a first floor bedroom. If you have a family with 4 girls, buying a home with only 1 bathroom may not be a good idea either. If you have 5 children, you and your spouse, buying a 1-2 bedroom home will probably not work out too well either. Therefore, before you even begin looking at homes you should sit down with your family and think about what functions you "need" to get from your home. How many bedrooms, how many bathrooms, do you need a large yard, do you need a certain sized garage, does the house need to be handicap accessible, do you need a ranch or will a 2 story or split level home work, do you need to be in a good school district, how far away will work be, etc.... These are all good questions and factors to consider before buying a home. Many consumers, especially first time home buyers, do not consider what they need from their home before they buy one and end up settling for a home with things they don't need instead of the absolute necessities that they do need. Therefore, know what you need ahead of time and make those items required in a home you buy. This may require some patience, however you will be much happier in the long run.

 

When you are chatting with your mortgage professional, make sure they have your best interests in mind. Make sure your payments are going to allow you to eat more than Raman noodles for the next 30 years. Also, make sure that your Realtor understands that you have only been approved for a certain level. If your Realtor is showing you homes you are not qualified for, then set them on the correct course. Remember YOU are the best person to determine how much home you can afford. It is YOUR responsibility.

A common mistake first-time buyers make is failing to consider their future needs. Not only should you determine if the house has an adequate number of bedrooms and bathrooms for your family now, you should also consider whether or not it will be able to meet your family's needs in the future.

You should be sure to get a home inspection. Additionally, you should make sure the home inspector comes highly recommended by a disinterested party. Ask family, friends and co-workers if they have experience with a home inspector they can recommend. A home inspection should not be a quick affair. The longer the inspector takes to inspect the house, the better.

When buying your first home you should make a list of needs and wants in order to narrow down your search. Once you own your home it will be the first time you will be completely responsible for all repairs, both major and minor. Keeping the wants to a minimum and concentrating on the needs will ease the transition into home ownership. You should always keep in mind that this is your first home, or starter home and you can always upgrade later.

Some homeowners are un-aware of the property taxes and insurance that come along with owning a home. If you're paying only principal and interest on your monthly payment, you will have to pay your taxes and insurance in full or in installments at the end of each year. It is easier to set up an escrow account with your lender and pay your taxes/insurance monthly.


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