When searching for homes for sale in the Dayton, OH area, you do not want to make any of the mistakes that haunt most first-time homebuyers. Instead, use these tips, and always consult with an exclusive buyer’s agent to make sure you get the best deal possible.
Check your Credit
While this should be mandatory, many first-time homebuyers forget to check their credit prior to applying for a mortgage loan. You can never assume what is on your credit report. There may be inaccuracies listed on your credit report, along with debts or inquires you never made. Therefore, you should always check your credit to determine if you should wait and repair it prior to applying for a loan.
Inspections and Contingency Clauses
Many first-time homebuyers do not think about a contingency clause because they do not foresee any issues happening in their future. However, accidents and unexpected situations happen and you should be prepared when they do. With a contingency clause, you could be eligible to receive the money back you used to secure the home, in cases where you lose your job and the loan falls through.
Down Payment
The odds of moving into a new home without a down payment are very slim, which is why you should know where this money will come from ahead of time. You may have the money in your savings account, or your family and friends may help you out. If not, you should look into programs available through local, state and federal organizations that provide assistance for first-time homebuyers.
You do not want to enter into any agreement lightly, especially becoming a new homeowner. Always consult with an exclusive buyer’s agent to receive the knowledge, advice, and tips you will need when making this huge investment.
Sources:
5 tips for first-time homebuyers, bankrate.com
5 foolish mistakes first-time home buyers make, usatoday.com
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