First Time Home Buyer MISTAKES

The Biggest Mistakes First Time Home Buyers Make.

 

When purchasing your FIRST HOME you will feel the ups and downs of the process, but the final results will be well worth the effort.  This video will point out many things that you should avoid Before and During the mortgage PROCESS:

Know you TRUE CREDIT SCORE:  Before Applying for a loan   Best Place to find this is MyFico.  Here is a BLOG explaining it in MORE DETAIL

What Interest Rate should you get:  Check HERE to find out the BEST WAY TO    There is no ONE RATE fits all.  Interest Rates are A-LA-Cart:  Many things will affect the rate ranging from Credit Score, Down Payment, Type of Property and several other Factors play a role in determining your Final Interest rate.  Also, you should be paying NO FEES for the loan other than credit report & appraisal.

NOT TO DO LIST:

  • Buy any major purchases
  • Apply For NEW credit
  • Miss any payments on anything that shows on your CREDIT REPORT
  • Transfer Large Sums of Money around to different account
  • NO CASH for Earnest money or Down Payment

TO DO LIST:

  • Get your TRUE CREDIT SCORE so you know what you’re working with.  Don’t rely on the word of your Lender or Credit Karma or Credit Sesame
  • Find a Lender that has been around and I would Highly Suggest using a Mortgage Broker.  Here is WHY
  • Find a FULL TIME, Experienced Realtor and not rely on Zillow or Realtor.com
  • Have your Paperwork ready   Last 2 years Tax Returns, 60 days worth of pay stubs, last 2 bank  statements (all pages)   At a minimum

 

 

Regulatory Information: The State of Illinois | Division of Banking located at 100 W Randolph St, Chicago, IL 60601 (312) 814-4500 | NMLS # 266214 Dan Frio NMLS 246527