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Congratulations, you’ve decided to purchase a home! This is an exciting milestone and one that comes with a great responsibility. This process will be easier and ultimately more rewarding if you avoid the following common mistakes made by first-time homebuyers.
It is vitally important to consider your budget. There may be a difference between what one of the many online calculators tell you is affordable for you and what price range is actually within your means. Every homebuyer’s budget and expenses differ, and an online calculator assumes an amalgamation of averages based on information not available to you. New to the budgeting game? Following are some budgeting tools to support your financial planning efforts.
Clarity Money – See your spending, savings, investments, and debt together in one simple app with AI-powered budget insights. Popular with over 3 million users and accessible on your computer or your smartphone.
Mint – From Intuit, the makers of Turbo Tax, comes Mint. This tool is versatile enough to help your money make sense without much effort. Create a budget you can stick to, see how you’re spending your money, and get personalized tips and advice for maximizing your money every day.
Goodbudget – Are you more of a “paper envelope” kind of budgeter? This app begins with that in mind, only without the paper envelopes. Use this app to save for big expenses and even help to pay off debt.
Skip, Skip, Skip to my….NO!
Once you have your budget organized, it is important to check with your lender and get pre-approved. The pre-approval budget from your lender may differ from your budget but it is an important number to consider. If you have not selected a lender yet for mortgage information in the Coachella Valley, the consultants at Infinity Home Loans should be your next call at 760-834-5394 or contact us online. A knowledgeable mortgage specialist will walk you through the process of becoming pre-approved and eventually approved!
Avoid Risky Business
This bears repeating; consult a knowledgeable mortgage consultant to shop for a loan. You may be tempted to opt for an adjustable rate mortgage to receive a lower interest rate early on and downplaying what the responsibility will be in the future. Some borrowers will choose a 15-year mortgage to pay off the debt more quickly but later realize that the higher payment isn’t affordable, long term. The specialists at Infinity Home Loans will take the time to understand your situation and help you to make the best decisions relating to your home buying efforts.
For more information about home buying and the mortgage application process and to learn how the Infinity Home Loans team can help you make your dream of homeownership a reality, please contact us, 760-834-5394.