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Look Out for These Common Pitfalls When Buying Your First Home
by INLANTA MADISON on AUGUST 6, 2013 · 0 COMMENTS
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Look Out for These Common Pitfalls When Buying Your First Home - Wisconsin Illinois Minnesota Florida

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The majority of first time home buyers in Wisconsin, Illinois, Minnesota or Florida share two common goals; purchase a home that they really like and get an affordable mortgage. However, there are common blunders people make when working towards these two goals. Here are some of the most common gaffes and ways you can avoid them. Contact us: 877-240-5810 : Website: http://www.MadisonMortgageguys.com NMLS ID #1016

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Look Out for These Common Pitfalls When Buying Your First Home - Wisconsin Illinois Minnesota Florida

  1. 1. Tweet Look Out for These Common Pitfalls When Buying Your First Home by INLANTA MADISON on AUGUST 6, 2013 · 0 COMMENTS Like 7 people like this. Sign Up to see what your friends like. The majority of first time home buyers share two common goals; purchase a home that they really like and get an affordable mortgage. However, there are common blunders people make when working towards these two goals. Here are some of the most common gaffes and ways you can avoid them. Don’t Skip the Mortgage Pre-Qualification Personal trainers all have the same warning for new clients: get your doctor’s approval before starting a new workout. For homebuyers, the warning is “get a pre-approval from a mortgage lender before shopping for a home.” If AI M a N AB O Z E I D Aiman Abozeid NMLS ID #237450 Email Me Toll Free: 877-240-5810 My Blog Da V I D LE O N a R D David Leonard NMLS ID #248526 Email Me Toll Free: 877-240-5810 My Blog CO R Y KE S S E N I c H Cory Kessenich NMLS ID #208789 Email Me Toll Free: 877-240-5810 My Blog BR I a N CO ll I N S Brian Collins NMLS ID #226323 Email Me Toll Free: 877-240-5810 My Blog H O M E A B O U T U S M O R T G A G E P R O G R A M S M O R T G A G E R A T E S R E F I N A N C E C A L C U L A T O R R E Q U E S T C A L L B A C K C O N T A C T U S S U B S C R I B E
  2. 2. you are looking to buy a home represented by a real estate agent, they will ask for a letter of pre-approval before submitting your offer to the owner of the home. Make Sure to Allow for Additional Expenses The monthly mortgage payment is just the beginning of expenses for a new homeowner. There are several other recurring things like property taxes, homeowner’s insurance, utilities and the repairs. Even if the home is brand new, at some time in the future a pipe will leak, the heater will need a tune up and the roof will need a patch. Budgeting for these expenses in advance will make things much easier on you in the long run. Consider Some Sweat Equity Many young couples want to get the perfect home in move-in condition. However, the home that you truly love may simply be unaffordable. It is better to get in to a house that you can afford and spend a few weeks working on new paint and yard clean-up than to get in to a place that takes all of your discretionary money. Be Happy with the Home, but Also Be Reasonable This point is similar to the previous point. Some people have it in their head that they MUST have an extra bedroom for entertaining guests or relatives. Or they MUST have the biggest, nicest yard on the block. Sometimes it is better to get a home that is easy to afford and missing one or two items that you can live with rather than settling for a house that truly meets their immediate needs. Don’t Ignore a Home Inspection Since this is your first time to purchase a home, it makes a lot of sense to spend the extra funds on a home inspection. A trained professional will be able to spot things that you may have missed in your short review of the home. The inspection can confirm that you are getting a good home or it can save you the pain of buying a lemon. Consider Future Plans for the Area Ask your real estate agent if there are major plans for your area. A new interstate, new school or a new shopping district could have tremendous impact on the value of your home as well as the enjoyment of the neighborhood. Being alert, and following some sound advice can keep you from buying the wrong property and ensure that you truly get a lot of enjoyment from your home purchase. View additional first time home buyer information from our main site. Also, you may want to check out our detailed loan process page. Contact us below or apply online to see if you qualify for a first time home buyer program including conventional financing, jumbo loans, FHA, FHA 203k, VA and USDA Rural Housing loans! JO H N WI ck John Wick NMLS ID #248499 View my profile Email Me Toll Free: 877-240-5810 Ca T E G O R I E S Conventional Loans FHA Loans First Time Home Buyers Jumbo Loans Mortgage Rates MortgageUpdated News and Updates No Money Down Loans Refinance Loans Reverse Mortgage USDA Rural Housing Loans VA Loans AR c H I V E S October 2013 September 2013 August 2013 July 2013 June 2013 May 2013 April 2013 March 2013 February 2013 January 2013 CO N N E c T w I T H U S : Follow @MadisonMortgage SU B S c R I B E Entries (RSS) Subscribe to Email Updates HO M E Pa G E Home Page Mortgage Rates MO R T G a G E PR O G R a M S : 40 Year Mortgage Cash Out Refinance Fannie Mae DU Refi Plus FHA 203k Loans FHA Loans FHA Refinance First Time Home Buyer Freddie Mac Home Possible Freddie Mac Open Access Refinance To search, type and hit enter
  3. 3. Chicago FHA Mortgage Loans Chicago FHA Refinance Chicago FHA loans are available to anybody but are used most often by first time home buyers an... First Time Home Buyer Information for Illinois Wisconsin Minnesota Florida Residents In the past, lenders have required at least 20% down payment on a Wisconsin, Illinois, Minnesot... No Money Down First Time Home Buyer Programs: FHA, VA and USDA Don't wait to find out if you qualify for a mortgage as a first time home buyer. November 30th ... Items First Time Home Buyers Need to Know: Part 3 – The Loan Process Although buying a home usually requires getting a loan, this type of loan is very different fro... You might also like: P R E V I O U S P O S T : USDA Is Still a Viable Option for Purchasing a Home with No Down Payment December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 Government Loans HARP Fannie Mae & Freddie Mac Interest Only Loans Jumbo Loans Jumbo VA Loans Lender Paid Mortgage Insurance Less Than Perfect Credit My Community Mortgage No Money Down Refinance Reverse Mortgages USDA Rural Loans VA Loans VA Streamline Refinance IRRRL RE c E N T l Y PO p U la R Getting a Great Deal on a Home in the Country New FHA “Back to Work” Initiative makes it Possible to Buy a Home Even with Bankruptcy or Foreclosure Common Questions about the Reverse Mortgage Look Out for These Common Pitfalls When Buying Your First Home First Time Home Buyers Should Stay Away from these Pitfalls Illinois No Money Down First Time Home Buyer Loans: FHA, VA and Rural Housing USDA Rural Housing Refinance - Features and guidelines Tagged as: Addison First Time Home Buyer, Appleton First Time Home Buyer, Aurora First Time Home Buyer, Barrington First Time Home Buyer, Barrington Hills First Time Home Buyer, Bartlett First Time Home Buyer, Bloomington First Time Home Buyer, Brookfield First Time Home Buyer, Carol Stream First Time Home Buyer, Chicago first time home buyer, Eau Claire First Time Home Buyer, Eden Prairie First Time Home Buyer, Elmhurst First Time Home Buyer, Florida First Time Home Buyer, Geneva First Time Home Buyer, Glen Ellyn First Time Home Buyer, Hoffman Estates First Time Home Buyer, Illinois First Time Home Buyer, Joliet First Article by Inlanta Mortgage Inlanta Mortgage opened for business in 1993 in Waukesha, Wisconsin. With our superior service and wide variety of available loans we have grown to 27 partner branches located in the following states: Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, North Dakota and Wisconsin. As a mortgage bank we can provide loans using our own funds or we can use the loans and guidelines provided by one of our many lenders. We offer tremendous support to all of our partners through outstanding marketing, underwriting, compliance auditing, loan processing, technology, accounting, and legal advising. Our wide array of lender relationships provides our customers with the best loan programs currently available today, whether it is conventional lending, FHA purchase loans, or VA loans. Inlanta Mortgage is an active member of the Mortgage Bankers Association, upholding high levels of ethics and honesty in all transactions. As a member of Lenders One Inlanta Mortgage is a part of the biggest cooperative of mortgage bankers within the United States. We are proud of their A+ rating with the local Better Business Bureau. NMLS ID #1016 Connect with us:  INLANTA HAS WRITTEN 849 ARTICLES. Subscribe to our feed via RSS or by EMAIL to receive instant updates. Contact us with questions: Toll Free: 877-240-5810 Email: questions@madisonmortgageguys.com 595959595959595959 777777777 444444444
  4. 4. N E X T P O S T : Common Questions about the Reverse Mortgage September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008 April 2008 March 2008 Time Home Buyer, Madison First Time Home Buyer, Menomonee Falls First Time Home Buyer, Middleton First Time Home Buyer, Minneapolis First Time Home Buyer, Minnesota First Time Home Buyer, Naperville First Time Home Buyer, Oconomowoc First Time Home Buyer, Panama City First Time Home Buyer, Pensacola First Time Home Buyer, Pewaukee First Time Home Buyer, Schaumburg first time home buyer, Shorewood First Time Home Buyer, Stillwater First Time Home Buyer, Sun Prairie First Time Home Buyer, Tallahassee First Time Home Buyer, Waukesha First Time Home Buyer, Wauwatosa First Time Home Buyer, Wheaton First Time Home Buyer, Whitefish Bay First Time Home Buyer, Williams Bay First Time Home Buyer, Wisconsin first time home buyer FOLLOW US ON TWITTER My Tweets REQUEST CALL BACK Request a call back from a licensed mortgage professional. Your Name (required) Your Email (required) Your Phone Number (required) Best Time to Contact (required) Enter the CAPTCHA Code RECENT POSTS The Best of #MortgageUpdated – #1 The WHEDA Mortgage: WI Housing and Economic Development Authority First Time Home Buyers Should Stay Away from these Pitfalls New FHA “Back to Work” Initiative makes it Possible to Buy a Home Even with Bankruptcy or Foreclosure Common Questions about the Reverse Mortgage Look Out for These Common Pitfalls When Buying Your First Home USDA Is Still a Viable Option for Purchasing a Home with No Down Payment Getting a Great Deal on a Home in the Country How Much Longer Can Veterans Enjoy Record Low Mortgage Rates? Guide for People Looking to Purchase Their First Home CONTACT US Inlanta Mortgage NMLS ID #1016 368 Junction Road Madison, WI 53717 Toll Free: 877-240-5810 www.madisonmortgageguys.com info@madisonmortgageguys.com Socialize with us: Send
  5. 5. Copyright © 2013 www.MadisonMortgageguys.com All rights reserved. Terms | Privacy Policy | Licenses | Contact Us INLANTA is a trademark of Inlanta Mortgage, Inc. The FHA 203K Program Increases the Number of Available Properties to Most Home Buyers
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