06/28/2023
5 Things I would never do as a first-time homebuyer
1. Get a mortgage less than 30 years
It may be appealing to lock in a lower interest rate on a shorter loan, like 15 years. However, what happens if homeownership costs more than you expect? If you have money leftover at the end of the month, you can still put it towards your principal to bring down your total costs.
2. Save my Downpayment in Cash
Lenders will need to see a paper trail of where your money came from. Putting your money in the bank will ensure they can trace it. A High Yield Savings Account (HYSA) is even better, because you can get paid even more interest than the returns from a traditional bank!
3. Buy new construction without getting a home inspection
A lot of people assume that a brand new home comes without any issues. However, there are some builders out there that cut corners. Just search tik tok for inspectors looking at new builds... you will never think about skipping a home inspection again!
4. Schedule Home Tours on Zillow
Zillow has no idea about your particular situation. They will send you to an agent who is willing to pay them for the lead. Instead, turn to a trusted agent (or friend who can recommend a trusted agent) that can help to guide you in the process.
5. Making emotional decisions
The whole homebuying process can be emotional. However, it's important to remember that your first home, does not have to be your dream home. You may need to compromise to get in the game.
