5 Common Obstacles Every First Time Home Buyer Experiences
Owning a home is the heart
of the American dream. It can bring a lot of joy, but there are also challenges
that come with the home buying process. Before you start looking at Candlewood Lake homes, you need to gain a crystal clear understanding of the whole
process. You also need to be aware of the obstacles that may come your way as
you journey towards home ownership.
Take a look at the top
challenges first time home buyers often encounter.
Down Payment
One of the biggest
challenges that most first-time home buyers experience is coming up with enough
money for down payment. Before you start shopping for lakefront properties in
Candlewood Lake, make sure you are financially ready for the home buying
process. Most mortgage lenders usually require first time buyers to come up
with a down payment of 10 to 20 percent of the final purchase price of a home.
Employment History
Most mortgage lenders prefer
to lend money to borrowers who have been working at the same employer for the
last two years. This could be a problem for first-time buyers who are young professionals
and are still on the process of building their careers. Some of them move from
job to job at a quick pace. Fortunately, there are mortgage lenders who are
more flexible on the employment issue.
If the borrower can show that he has a steady source of income to cover
mortgage loan payments, lenders will overlook the short job history.
Getting financing
Another challenge faced by
first-time home buyers is getting financing. Today, stricter lender regulations
have tightened up the availability of funds. First-time buyers should be in
better financial shape to meet the increased requirements set by lenders. It is
important to have a stable work history. While you are at it, avoid making or
co-signing on any major purchase until after you close on your home. If you
have large recurring bills, pay them so that your debt to income ratio will
increase.
Finding the right real
estate agent
Another big challenge that
first-time home buyers often face is finding the right real estate agent who
will represent them. To make sure you pick the right one, evaluate the past
performance of prospective agents. Ask them about their licensing information
and their credentials. You may also talk to their recent clients and look at
their current listings. It is important that they are experts in dealing with
homes for sale in Candlewood Lake. Work with someone who can help you achieve
success with the home buying process.
Locating a home
With the large volume of
houses in the marketplace today, most first time home buyers have a hard time
making a decision. Due to their lack of experience, many of them get into a
merry go round of endless open houses and home tours without ever making an
offer. To save time and money, make a list of your preferences. Identify true deal
breakers and characteristics that you are willing to compromise on. Limit your
search to neighborhoods in which you can afford a range of options.
Check out
www.CandlewoodLakeHomesforSale.com today for more tips on how to sell your home
fast and for the best price.
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