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How to Avoid the Common Mistakes Made by First-Time Home Buyers in DC

Magnolia Realty is a full-service real estate brokerage servicing Maryland and Washington DC. Our goal is to help home buyers and sellers achieve their real estate goals while keeping as much equity as possible. Our Home Buyer Rebate is the largest Realtor Rebate in both Maryland and Washington DC.

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How to Avoid the Common Mistakes Made by First-Time Home Buyers in DC

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  1. Are you buying a home for the first time in DC? Well, then you must be aware of the mistakes that many of the first-time home buyers in DC make so that you can avoid those to have a hassle-free home buying experience. So check out the common mistakes below – Not estimating their affordability – Usually first-time home buyers in DC without estimating their affordability plunge into the real estate market out of excitement which not only wastes their time but also they end up finding a home that they cannot afford to buy! The best way to avoid such mistakes is to use a mortgage affordability calculator that will help you in knowing the price range that fits into your budget easily. Settling with just one rate quote – Mortgage interest rates keep on varying from lender to lender and so do the closing costs and discount rates. Therefore, never settle for one rate quote instead compare different offers thoroughly. Forgetting to check credit reports – Always remember that the mortgage lender will scrutinize your credit reports before deciding on approving you for the loan as well as deciding on the interest rate. Depending on your credit report Lenders may quote you an interest rate that is higher than what you expect to get sometimes due to errors in the report or to delinquent items that you may not be aware of. Therefore, make sure to review your credit report before the lender does to make sure that there are no unexpected surprises.

  2. Paying no attention to loan programs – Most of the first-time home buyers in DC are unaware of the loan programs by government that make home buying easier with zero to little down payment. Loan programs such as VA loans and FHA loans can be quite helpful in the entire home buying process. VA loans are the mortgages guaranteed by the U.S. Department of Veterans Affairs, and FHA loans allow down payments as low as 3.5% as well as help with imperfect credit reports. Underestimating renovation and repair costs – Some First-time home buyers underestimate the costs of renovation and repair and end up with shocking cost revelations. They do not seek more than one estimate for repairing jobs and think renovations are faster, easier and cheaper being misled by the TV reality shows! Always make sure to seek more than one estimate especially in case of expensive repairs like replacement of roof and likewise. Making smaller down payment – There are several home buyer programs in DC that allow you to buy a home with zero or 3.5% down payment, however at times it has been observed that homeowners may regret applying such down payments. So make sure that your down payment secures an affordable monthly house payment. The larger the down payment the lower your monthly mortgage payment will be making it more affordable in the long run. However there are several home buyer programs in DC offered by expert realtors that make your home buying experience stress free and cost friendly.

  3. Conclusion Magnolia Realty is a renowned real estate agent in MD and DC offering profitable home buyer programs in DC. They make the entire process of home buying stress free for the home buyers in DC with their expert guidance and assistance. C Co on nt ta ac ct t u us s: : M Ma ag gn no ol li ia a R Re ea al lt ty y H Ho om me e B Bu uy ye er r R Re eb ba at te es s A Ad dd dr re es ss s: : 1 17 76 60 04 4 P Pa ar rk kr ri id dg ge e D Dr r, , G Ga ai it th he er rs sb bu ur rg g, , M Ma ar ry yl la an nd d P Ph ho on ne e: : 3 30 01 1- -775 775- -0 01 17 75 5 C Co ou un nt tr ry y: : U US SA A E Em ma ai il l - - a ay ya a@ @m ma ag gn no ol li ia a- -r re ea al lt ty y. .c co om m W We eb b - - h ht tt tp ps s: :/ // /w ww ww w. .m ma ag gn no ol li ia a- -r re ea al lt ty y. .c co om m/ / S St ta ay y w wi it th h u us s: :

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