You see them offered by credit unions and banks all the time: “First time home buyer seminars, don’t miss out,” screams the headline. Sounds important, but what more do you need to know about buying a house other than you need to find a property you can afford and get a mortgage? Plenty.
“Every person buying a home for the very first time should be required to take this class.”
Finding an affordable home has never been more challenging, which means you have to be searching and negotiating like a pro. Plus, borrowers have more options and flexibility, paving the way for you to possibly save more money and move into the home of your dreams.
Because home buying is so complex, your biggest key to success is education. Because, bottom line is if you are buying your first home, you simply don’t know what you don’t know. In fact, “Every person buying a home for the very first time should be required to take this class,” Sandee Rains, a financial education specialist with ClearPoint Credit Counseling Solutions told US News and World Report.
A home buyer seminar can help you avoid making these rookie mistakes:
Even if you’ve done your homework, there’s plenty room for error when you purchase your first home. One first time buyer told a local Florida news station they didn’t understand the importance of having a home inspection and ended up being stuck with massive termite damage that was hidden behind the walls. Once you’ve waived the inspection there is no going back and you are stuck paying for whatever damage you find down the road.
Another common first time home buyer fail is not understanding how property taxes and insurance can drastically change your monthly payment. That doable $950 monthly mortgage payment could possibly double when you factor in taxes, insurance and, in some cases, HOA fees.
Experts at a Community Credit Union first time home buyer seminar can walk you through those important details and more. Plus, first time buyers can take advantage of our first time home buyer program that provides financing up to 97% of the purchase price for qualified borrowers.
Want to know other ways we can save you from becoming another first time buyer statistic? Other common fails first time home buyers face include:
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Not understanding what home ownership really costs.
Buyers should expect HOA, utilities, lawn care, taxes, insurance and more to be included in monthly expenses, according to Zillow. You should realistically set aside 1% to 3% of the home’s purchase price to cover expenses.
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Not buying a home because they don’t think they qualify for a mortgage.
In this expensive housing market, having that 20% downpayment for a home can be tough. However, Community Credit Union has a slew of mortgage down payment options and terms, which are ideal for the first time home buyer.
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Forgetting to lock down that pre-approval.
Experts at Community Credit Union not only can explain the value of the pre-approval, but will walk you through the process. Hitting the market with a pre-approval from Community Credit Union in hand gives you more buying power.
Score that new home like a pro. Reserve your spot for our upcoming first time home buyer seminar in September by calling us at 978-968-2200 or send an email to Sean Dunn at sdunn@myccu.org
