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Information for first time home buyers!

Are you thinking about purchasing your first home? Now is a great time! Before you can take this exciting big step you need to take some important steps!

It’s important to think about where you’d like to be. Where is the perfect location for you?

Are you able to be financed? Have you been pre-approved for a mortgage?

Have you chosen the right real estate agent for you? There are many to choose from but it’s important that you work with someone that is a right fit for you.

Have you found a home that fits into your budget?

All these things need to be addressed before you set out on this exciting new adventure.

Let’s run through a few of the common mistakes that first time home buyers make.

Be sure you can afford it!

Many first time buyers decide to purchase a home because they feel like they are ready for a mortgage. However, just because you can afford the mortgage payment doesn’t necessarily mean you can afford to own a new home. You’ll get an idea of what your mortgage is going to be after speaking with a lender, but many times you won’t realize that there is much, much more to the process of home ownership.

Taxes, homeowners association dues, higher utility costs, property insurance, and maintenance are common costs that are frequently overlooked and forgotten about.

“Keep in mind property taxes and insurance have a tendency of going up every year,” New York attorney Rafael Castellanos, president of Expert Title Insurance says. “Even if you can afford it now, ask yourself if you’ll be able to afford the increased costs later.”

Another common mistake first time buyers will make is shopping for a home BEFORE getting a mortgage pre-qualification. Unless you have cash to purchase your new home, they are going to need this pre-qualification!

It’s important to know where you stand as the home buyer! Get a pre-qualification letter from your lender before you start to look at properties!

Find an agent!

One of the most common mistakes first time buyers make is thinking that they can take on this process alone and uneducated. You’ll definitely need someone reliable and honest. Heading into this process alone, without a professional to guide you, is not a great idea. The last thing you want in this process is to be taken advantage of by the listing agent, so… get yourself a great buyers agent and be confident that your best interests will be protected!

It can be daunting, especially for the first time buyer, but if you’re going to make the largest investment of your life, you want to make sure it’s done right!

Be careful with your credit!

You’ve found your dream home. You’ve pre-qualified for a mortgage loan. You’ve signed the contract and the closing is in 45 days. Word to the wise…don’t have a big celebration by financing another big purchase! Before your closing date, your lender will pull your credit report to make sure that your current credit/financial situation has not changed.  If there are any new loans on your credit report your lender may question your ability to repay your new mortgage and your closing will be in jeopardy!


Buying a home for the first time can definitely be scary and overwhelming!

We here at Team SURGE are here to help! Give us a call!



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