21 Mistakes First-Time Home Buyers Make - Avoid Them!
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- Опубліковано 10 чер 2024
- New updates for 2024: • Common Mistakes First-...
This video discusses 21 common mistakes first-time home buyers make and how to avoid them. We cover everything from getting pre-approved for a mortgage to budgeting for maintenance and repairs. Confidently navigate your homebuying journey to buy the home of your dreams.
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TIMESTAMPS
0:00 Intro
1:26 Mistake 1: Skipping The Pre-Approval
2:16 Mistake 2: Letting Your Lender Max Your Payment
3:09 Mistake 3: Letting Your Pre-Approval Expire
4:20 Mistake 4: Hiding Important Information
5:16 Mistake 5: Leaving Too Little Time To Raise Your Credit Score
6:37 Mistake 6: Looking For The Perfect House
7:16 Mistake 7: Falling In Love With A House
7:48 Mistake 8: Changing Jobs To A New Pay Scheme
8:38 Mistake 9: Waiting To Save 20%
9:14 Mistake 10: Avoiding Mortgage Insurance
9:46 Mistake 11: Cashing Out All Of Your Savings
10:19 Mistake 12: Rushing To Buy A Home
10:42 Mistake 13: Getting Advice From Everyone
11:47 Mistake 14: Planning Two Homes Ahead
12:32 Mistake 15: Using The Seller's Real Estate Agent
13:13 Mistake 16: Waiving Your Backout Clauses
13:50 Mistake 17: Not Checking For Home Affordable Mortgages
14:27 Mistake 18: Forgetting To Insurance
15:50 Mistake 19: Going Cheap On Insurance
16:38 Mistake 20: Not Accounting For Closing Costs
17:26 Mistake 21: Not Budgeting For Maintenance & Repairs
18:18 Mistake 22: Assuming This List Covers Everything
19:16 Outro
ABOUT OUR CHANNEL
Homebuyer.com is the mortgage company for first-time home buyers, and this is our UA-cam. This channel provides straightforward advice for first-time home buyers about mortgages, real estate, first-time home buyer programs, and more. We cover important topics, including how to get approved for a low-down payment mortgage, how to get a better mortgage rate, and the grants and programs for first-time buyers today.
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Homebuyer.com is powered by Novus Home Mortgage, a division of Ixonia Bank, NMLS 423065. www.nmlsconsumeraccess.org The content in this advertisement is for informational purposes only. Homebuyer.com is located at 230 Findlay Street, Cincinnati, Ohio 45214. Call Homebuyer.com at 513-824-8171. Novus Home Mortgage, a division of Ixonia Bank, is located at 20225 Water Tower Blvd, Suite 400, Brookfield, WI 53045. Reach Novus Home Mortgage by phone at 844-337-2548. We have no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture, or any other government agency. US Government agencies have not reviewed this information, and this site is not connected with any government agency. Equal Housing Lender. Mortgage applicants are subject to credit and underwriting approval. Not all applicants will be approved for financing. The receipt of an application does not represent approval for financing or an interest rate guarantee. Restrictions may apply, contact Homebuyer.com for current rates and more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Homebuyer.com does not guarantee the quality, accuracy, completeness, or timeliness of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Third parties may have provided some information in the publication, which Homebuyer.com has not necessarily verified. Homebuyer, its affiliates, and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
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Happy Homebuying
Updated Video for 2024: ua-cam.com/video/Z72fek1de9c/v-deo.html
The best thing I did when buying a home was go the library and read the books on homebuying. The second thing was growing up with parents who knew how to paint, wallpaper and do other things to fix up a house. I didn't think I had to have perfect house before I moved in.
Hi, @Merry Hunt. I like this comment. Thanks for sharing. -Dan at Homebuyer.com
Great video. Please everyone support Dan, tell your friends about him , like his free videos he deserves credit for his time and effort. Thanks for your excellent teaching skills. I love it!
I'm in southern Illinois and I got pre-approved a week and a half ago. It's been so stressful because when you have me, who is an artist and enjoys modernism and homesteading at the same time, then my husband who is a hobby mechanic and enjoys fixing and building things and is kinda messy. We need and want a more ranch/country style feel of a home that is also cozy. Any time a home that fits our price range comes up, someone takes it. I'm trying so hard. 3 homes that I've found that we liked and someone has come in at the exact same time, offering more than me and they get the contract signed faster than the speed of light, I swear.
Hi, @Hill.Homesteading23. This is a familiar story in downstate and everywhere else, too. Good luck to you both. I am sure it will work out soon. -Dan at Homebuyer.com
@hill.homesteading23 YES! This is happening to me right now. Looking in the Cincinnati, OH area. I've made two offers and both were sold with better offers. This is extremely frustrating, stressful and disappointing. Is there a method to be more competitive besides offering more money than I can afford? UGH!!!
…I stopped watching because of music…
Amazing Video! Thank you for the help. Can you possibly explain in a future video how refinancing works, and how it is affected by the federal increase/decrease of interest rates? Also, what part of mortage payments is considered a tax deduction?
Get mortgage pre-approved today: homebuyer.com/fast?345
Thank you so much for this video
Hi, @vmoney7857. You're very welcome. Glad it helped! -Dan at Homebuyer.com
Great video, thanks 😊
Hi, @Karlizfranco. Thank you so much! -Dan at Homebuyer.com.
Great video. 👍👏
Hi, @vks4392. Thank you! -Dan at Homebuyer.com
Thanks for information
Hi, @Luke Swanborg. You're very welcome! -Dan at Homebuyer.com
New sub , thank you!
Hi, @aammbb2029. Thank you and welcome to the channel. I hope to share new and helpful information with you. -Dan at Homebuyer.com
Hi I'm new to this channel, I am learning so much and I'm very appreciative of it. I'm going to be a first time home buyer and I don't want to have any uh ohs and mistakes.
@Sabra Queen of the Underworld Welcome! And thank you for the comment. You got this. -Dan at Homebuyer.com
@@HomebuyerMortgage thank you for the positive vibes. It's kinda scary to be honest.
Thank you 😅
Hi, @verna Toma. You are welcome. -Dan at Homebuyer.com
Hi Dan....that was an awesome episode...my wife and I are potential first time home buyers trying to navigate this jungle of a process....We desperately need qualified professional help...Please help us...
Regards John Adams....
If I am living in Indiana currently and want to buy a house in a small town in Oklahoma how do I overcome the obstacle of not having a local job. I watched your video about the 12 first time homebuyers loan types.
Hi, @William Holloway. Mortgage approvals require proof of income that's likely to continue into the future. It sounds like you'll need to show income in Oklahoma or income from a job that allow remote work. -Dan at Homebuyer.com
Thank you for the video. First time home buyer here and we were going to put down 8 percent and have a PMI of $150 a month. Should we keep our down-payment and only rely on the PMI? We're comfortable placing the down-payment but wondering if we should keep as much cash instead.
Hi, @brianlee1736. Making an 8% down payment will lower your monthly payment. Making an 8% down payment won't always lower your mortgage rate more than making a 5% or 3% down payment, though. I don't have enough information about you or your goals to answer fully. Your loan officer can help. -Dan at Homebuyer.com
QUESTION: I’m planning to buy a house hopefully in the beginning of next year 2024. However, I’m also planning to retire in 2024, but I’m planning to get pre approved before I retire. Do I have to tell my lender while applying for the pre approve or should I wait until I retire?
Hi, @SCSC-qz7rr. You can pre-approve your mortgage now, but please also share your retirement plans with your lender. That's important information for both parties. -Dan at Homebuyer.com
What programs are there for first time buyers that want to build new construction?
Hi, @hannahclatos2561. Any of the first-time home buyer programs can work with new construction. There are no restrictions in the bills' respective language about whether a home must be new or resale. -Dan at Homebuyer.com
As a travel nurse, will a lender use my stipends as my income for approval? My stipends are tax free and not reported to the IRS. But I receive them on every check. And that had been consistent for 10 years now.
Hi, @Wesley. Tax-free stipends are included as income and will not be used as income for your mortgage approval. What other questions can I answer for you? -Dan at Homebuyer.com
I hear Some mortgage companies will. It has been consistent for 10 years now. I’ll find a company that will accept it.
Do you know if there are any programs for first time home buyers in Delaware
Hi, @Josette Arrington. Yes, there are programs for first-time home buyers in Delaware. The HUD website will have a complete listing by country and city. -Dan at Homebuyer.com
so my predicament is that I’m set to close on 29 March 2024. My lender quoted me by down rates for a point at $2875 per point except when I got his origination cost the buy down point price went to 13,000+ now I’m buying down 1.5% or 1.5 points to make my rates lower, I kept asking my lender why my math doesn’t come out to use this whole time and it all came down to his point so with that being said why my assumption would be roughly $5400 to buy down the rate. I’ve asked my real estate agent to do the math as well and he himself cannot understand why the math is not math. I was told by lender that it’s because we didn’t walk in the rate which that was on the lender to do when he quoted me the right does that sound right?
Hi, @sonnydnative5013. Congratulations on your upcoming closing! If your mortgage rate was floating, the quote you received for discount points would have been an estimate. The actual cost is determined when the rate is locked. If I misunderstood your question, please let me know. -Dan at Homebuyer.com
Great video. Every first time home buyers should watch this video.
Hi, @workoutathomewithdumbbell-7389. Glad it was helpful. -Dan at Homebuyer.com
Can we get a mortgage if we have a lot of cash but not employment?
Hi, @dialecticalmonist3405. Yes, you are describing an asset-based mortgage, which is sometimes called an asset-depletion mortgage. With asset-based mortgages, income is calculated as a percentage of total assets. -Dan at Homebuyer.com
is homebuyers helping first buyers in NyC ?
@Fernando Villalobos - New York is one of three states not in our geography currently. Thank you. -Dan at Homebuyer.com
Can’t continue getting Pre-Approved and running hard pulls in a market like this one where buyers are still at a state of going thru hell trying to get a decent home at a decent price. I’m not gonna continuously run my credit for nothing!.
Good insight, although I'd push back on some of the context. When would-be home buyers skip their pre-approval, it can be hard to get a decent home at a decent price. Pre-approvals establish the guardrails, and make it possible to act quickly when it's needed. We believe it's critical to getting the home you want at the price you want. Thanks again. -Dan at Homebuyer.com
@@HomebuyerMortgage preapprovals I believe are good for 60 days. That would make it roughly 6 to 7 Hard Inquiries in just one year for the same thing over and over. I have some good relationships with mortgage brokers so they advise me not to worry but I just thought doing it over and over in this market could be costly on your credit Score
@@Frescobar170 pre approvals are good for 90 days and you can shop around after one hard pull for 2 weeks. Meaning after you pull one pre-approval you can have as many pre-approval for two weeks after you initiate the original credit pull
Q: Is my credit score affected if i get application from to different lenders? will like to know if i qualify for the help offered for first time home buyers>?
Yes it will be, but I found out by PNC Bank that if one were to get pre- approval by three different banks it will not effect your credit. Look into in though.
It’s a short -term hard inqury.
Your credit score will rise after this.
Just keep paying your bills on time and pay your credit cards twice a month (on time). Have multiple credit cards, so that you’re not maxing out your one credit card (this lowers your credit score). 😊
No wonder you haven’t gone further in this video. I had to leave because of the loud music in the bacu
Even the 1st point is BS... Preapproval = hard pull...Most likely you will look for houses for months. And your scores are already down by 10 ponts. And you don't even know the city or neighborhood you want to check out. Yes, before making an offer, yes you want and need one... but when you don't even know where you want to live, and you are a first time homebuyer, thats a nonsense.
Hi, @akserc. You're making a few assertions here and I'll address them in order. A lot of this information is new so most laypersons wouldn't know or have access to the information.
(1) Getting pre-approved for a conventional mortgage no longer requires a hard credit pull.
(2) Credit scores may drop by 10 points when you have a hard credit pull, but they may also drop by less or more. An informal study with actual home buyer data showed the average credit score change to be around -5 points and only after 30 days.
And, as an extra note: Some home buyers look for homes for months and others for less than that. Your mileage may vary.
Thanks for the comment. I appreciate the opportunity to provide additional clarity.
-Dan at Homebuyer.com
@@HomebuyerMortgage Hi, thanks for the heads up. Although since when it is not a hard pull? Can you tell me what bank is this special one? Would be great this way
Bro the music is soo distracting and super I can't even watch your video
Hi @elisabethmack761. This video is from 2022, and we've improved our mixing levels based on feedback from viewers like you. Thanks for taking the time to tell us. Much appreciated! -Dan at Homebuyer.com
Makes me want to dance bro!