When most people look for their largest chunk of debt, they see their mortgage. Now there are some differences in opinion on whether holding a mortgage is “acceptable” debt or not and how long you should keep making mortgage payments. But either way, most young first time homebuyers end up needed to get a mortgage to own a home.
It’s no secret the housing market has gone through a wild ride the past few years, and the mortgage industry has changed with it as well. When you think you are ready to buy your first home, many people simply are overwhelmed with the process because there are so many moving parts. Along with the uncertainty come a lot of mistakes that people make that prevent them from becoming a homeowner (or simply make the process take far too long!).
So how do you get off on the right foot and make the search for your first home an efficient and successful process? As my favorite childhood toy G.I. Joe would say, knowing is half the battle.
Check out the following infographic for a list of the top 12 first time homebuyer pitfalls so you can be ready for the journey ahead. Call your local mortgage broker with any questions you may have about your qualifications.
Created by First Commerce Financial.