The 3 Biggest Obstacles Homebuyers Face
Whether you’re looking for your first home or your tenth, every homebuyer can expect to face a few obstacles along the road. However, some obstacles are bigger than others, and more difficult to overcome. Here’s the things you should watch out for — and what you can do to get around them.
The idea and process of buying a home is an exciting one. The thought of having your own place to live is enough to make anyone giddy. However, there are a lot of details to work out before homeownership can be achieved. Homebuyers should embark on the process with realistic expectations, such as a practical budget for what they can afford — and be willing to lower their expectations along the way. One of the often forgotten details is closing costs, which can range in the thousands of dollars. Closing costs are a percentage of the purchase price and incorporate loan origination fees, taxes, impact fees, insurance, and escrow to name a few. Closing costs are typically paid by the buyer; in certain circumstances, the builder may sometimes split some of the fees.
Your credit is one aspect that determines whether you’re approved for a mortgage. Unfortunately, a lot of people find errors in their credit report only when they are trying to purchase a home. If found, you need to dispute immediately. If you dispute errors on your credit report, the credit bureaus are required by law to investigate it. Furthermore, even if you have no errors on your credit, your score must be high. Having a low credit score makes it extremely difficult to get approved for a home loan. Increasing your credit score can be done, but it will take time and effort.
Although buying a home is exciting, it’s important that you know what you’re getting into. It can be a long and tedious process, but sticking it out will be worth it. Our team will help walk you through the whole process so you will never feel alone or confused, talk to us today!