The 5 things to avoid before buying your first home

Posted March 19, 2021 16:23

Getting your finances in order if you are about to buy your first home can become a minefield if you do not remain vigilant with every step you take. From not checking your credit record to underestimating closing costs, it's important to be aware of the things that can cause you to stumble along the way.

Therefore, these are the 5 things you should avoid if you are about to buy your first home:

  1. Having messy financial statements

Do you think you are ready to buy the house of your dreams? Perhaps you have saved the necessary funds for the initial, but you must make sure you can show bank statements in perfect condition where there are no withdrawals that have left your account in negative for example.

  1. Assume that it is necessary to have 20% of the initial

For some buyers, the idea of ​​needing 20% ​​of the down payment to buy a home discourages them and makes them abandon the road; but the reality is that this is nothing more than a myth.

If you have found yourself in this position, it is important that you know that there are different types of mortgages that will help you find the initial one that suits your finances, even if you are not sure you have enough savings.

  1. Buy the most expensive home you qualify for

It is possible to qualify for a more expensive house than you anticipated and although it is tempting, this can turn into an error line when you see yourself without the ability to cover the mortgages and other expenses that are part of the commitment you are acquiring. p>