5 Common Obstacles Every First Time Home Buyer Experiences
Owning a home is the heart of the American dream. It can bring a lot of joy, but there are also challenges that come with the home buying process. Before you start looking at Candlewood Lake homes, you need to gain a crystal clear understanding of the whole process. You also need to be aware of the obstacles that may come your way as you journey towards home ownership.
Take a look at the top challenges first time home buyers often encounter.
Down Payment
One of the biggest challenges that most first-time home buyers experience is coming up with enough money for down payment. Before you start shopping for lakefront properties in Candlewood Lake, make sure you are financially ready for the home buying process. Most mortgage lenders usually require first time buyers to come up with a down payment of 10 to 20 percent of the final purchase price of a home.
Employment History
Most mortgage lenders prefer to lend money to borrowers who have been working at the same employer for the last two years. This could be a problem for first-time buyers who are young professionals and are still on the process of building their careers. Some of them move from job to job at a quick pace. Fortunately, there are mortgage lenders who are more flexible on the employment issue. If the borrower can show that he has a steady source of income to cover mortgage loan payments, lenders will overlook the short job history.
Getting financing
Another challenge faced by first-time home buyers is getting financing. Today, stricter lender regulations have tightened up the availability of funds. First-time buyers should be in better financial shape to meet the increased requirements set by lenders. It is important to have a stable work history. While you are at it, avoid making or co-signing on any major purchase until after you close on your home. If you have large recurring bills, pay them so that your debt to income ratio will increase.
Finding the right real estate agent
Another big challenge that first-time home buyers often face is finding the right real estate agent who will represent them. To make sure you pick the right one, evaluate the past performance of prospective agents. Ask them about their licensing information and their credentials. You may also talk to their recent clients and look at their current listings. It is important that they are experts in dealing with homes for sale in Candlewood Lake. Work with someone who can help you achieve success with the home buying process.
Locating a home
With the large volume of houses in the marketplace today, most first time home buyers have a hard time making a decision. Due to their lack of experience, many of them get into a merry go round of endless open houses and home tours without ever making an offer. To save time and money, make a list of your preferences. Identify true deal breakers and characteristics that you are willing to compromise on. Limit your search to neighborhoods in which you can afford a range of options.
Check out www.CandlewoodLakeHomesforSale.com today for more tips on how to sell your home fast and for the best price.
