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First Time Home Buyers and Avoiding Stress Traps

Posted on October 4, 2017 · Posted in Connecticut First Time Mortgage

Starting a family and/or taking the next step in your life usually starts with a big purchase – and that is buying a home. Yes, buying a home is one of the most exciting purchases but can also be one of the most stressful. Here are some tips to keep in mind when starting this purchase process in order to limit that stress:

 

  1. Although rates and costs are important you want to make sure you pick a company that you are comfortable with that works efficiently. The reason I say this is because you can get the best deal and the process can be awful – which can cost you time and money (like the earnest money deposit). If anything goes wrong with your loan and if the process takes to long you can be looking at some large extension fees to hold the rate you originally agreed on as well.

  2. The biggest thing people worry about when buying a home is where is their money going! Well if you talk to multiple lenders you will find that everyone breaks down the cost of their loans a bit differently.  The biggest thing you need to know is there are three main components you will be spending most of your money on. Prepaids (escrow) which is not a mortgage cost or fee but the taxes and insurance you are required to have. Next is your third party closing costs  Attorney fees, appraisal fees, inspection fees, and etc.).  Last thing you will spend your money on is the down payment (which can vary depending on your loan program).

  3. Communication is Essential.  You have to essentially lay all your cards on the table with your Loan Originator so that they can help troubleshoot issues and help you navigate to the closing table.

 

By having the right loan originator working with you – you can limit your stress greatly.  You will need someone knowledgeable about the mortgage industry, that will work towards your mortgage goals, and communicate every step of the way.  I believe I am that person for you!

 

Please call me today for a free consultation so we can get you started on the road to home ownership.

 

Thanks,

 

aburke

Andrew Burke
aburke@northeast-mortgage.com
Cell: 203-209-0324
NMLS: 1271085/ Company NMLS: 117273