New Year Offer: Book a Chartered Hummingbird apartment today and get an exciting offer. Click here for more details.

New Year Offer: Book a Chartered Hummingbird apartment today and get an exciting offer. Click here for more details.

The Blog

An ideal dream of a working class is to own a perfect house. Savings become a habit and cost cutting a daily activity, to ensure the dream comes true. But sometimes, even if you have everything together, it can still take longer than you think.

Only if you have your ducks in a row like having your documentation in order, being aware of your income, and making sure your down payment is ready, only then you can expect the whole process to go smoother.

When you buy a home, the biggest things lenders will consider is your credit score. If the information in your credit report is impacting your score, you could end up paying a higher interest rate. In some cases, you might see a delay with your paperwork.

Don’t let emotion rule your decision
Buying a home seems like a natural progression at some point. You’re tired of apartment living. You’re an adult now. You think you can afford it. Shouldn’t you have a home? First-time home buyers are sometimes so excited that they let the “perfect” home get in the way of better judgment. It’s easy to get excited about what seems like the ideal home. Those warm feelings can lead you to pay more than you planned or overlook some of the realities of the situation. Take a step back and make sure you’re not getting too excited about a home.

A newly built home has plenty of issues
As a first-time homeowner, you may be wary of a fixer-upper. After all, making all those repairs can quickly add up. But buying a brand new home isn’t all it’s cracked up to be, either.
A newly built home doesn’t come landscaped or fenced. You will have to pay for those things.
Don’t assume that a newly constructed home is going to be perfectly finished for you and your family. There may still be some hiccups along the way.

Keeping your credit score on a check
You can avoid these unpleasant surprises by looking at your credit before you even go in for a preapproval. Check all of the reports from the major credit reporting agencies and look for errors. If you find any, dispute them so they are fixed before you apply for a mortgage. The FTC report discovered that a little more than 10% of consumers saw a change in their credit score after errors had been fixed. You might see a change, too.

You don’t have to buy a home to be an adult
If you aren’t ready to be a first-time homeowner, don’t force it. You may never feel like buying a home is the right move for you, and there’s nothing wrong with that. Figure out what kind of lifestyle you want before you make the decision to buy.

Make the home-buying decision fit your lifestyle, rather than try to fit your life around a home.

Chat With Us