Massachusetts Homebuyers Series: Biggest Blunders of Home Buying – Finance First, Look Later

by Jack Morrison on November 3, 2011

As a Worcester Real Estate attorney, I’m in the position to see the multiple and varied mistakes that first-time homebuyers often make. I even wrote a free ebook for my potential buyers about it because I see these mistakes being made over and over. Throughout the week of November,  I’ll highlight several of the topics in this ebook, “The 5 Biggest Blunders When Buying Your First Home.” Our series will include important topics such as:

  1. Finance First, Look Later
  2. Buy the Neighborhood or Location, Not the House
  3. Get Everything in Writing
  4. Get a Home Inspection
  5. How to Find the Right Attorney

Now, let’s dive right in to the first topic: Finance First, Look Later.

Biggest Blunder #1: Finance First, Look Later

One of the first mistakes I often see from first-time home buyers is that they get really excited about purchasing their new home and they dive right in to looking at homes online and scheduling showings in-person. But overlooking financing first is a big oversight.

If you’ve never undergone the process of applying for a mortgage before, you’ll be surprised to learn that the process is very involved and takes so long. You’ll have to gather many things together first for the mortgage officer, including verification of employment, bank statements, pay stubs and proof of deposit funds on loans.

It’s important to finance first because it’s a waste of your time to look for homes that are out of your budget. And conversely, you might be looking at homes that might not meet all your needs because you’re looking in too low of a range.

For more information on this important topic, check out my free ebook that includes a helpful checklist, “The Top 10 Questions You Must Ask Every Mortgage Officer” when looking to get a loan.

You can get my ebook, How to Avoid The 5 Biggest Blunders When Buying Your First Home (It Will Save You Thousands of Dollars And Hours of Time) on the homepage of my Worcester real estate lawyer website.

If you have questions for a Worcester real estate lawyercall me, Attorney Jack Morrison, at 508-852-7800. Or, reach out via our contact form. Thank you and I look forward to hearing from you. 

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