Forget figuring out what you should do (for now). Sometimes it’s easier to learn what not to do. That’s even more true when it comes to the largest purchase of your life. From down payments to confusing terms — and some helpful nudges in the right direction — we’ll give you a few pointers from people like us who have been there, done that.
1. Assuming You Need 20% Down
This myth can delay your goal of buying a home for no reason. You don’t need a huge pile of savings these days. You could put as low as 3%-10% down, or even $0 down in some cases, depending on what you qualify for. Although the percentage will vary based on your own financial situation, you probably won’t need as much as 20%.*
5 Ways You Can Start Saving for Your Down Payment Today
2. Seeking Perfection
If you’re waiting for a home that checks every box, you might be waiting for a long time. Make a list of needs and wants, and let go of some of the wants in the beginning. As you grow into the home, you can make updates along the way. Plus, the memories you make in your space will make it priceless to you. Before you know it, your “good enough” home will be the coziest, most sentimental place you could ever imagine.
3. Thinking You Can’t Buy Without a Realtor
At Starlight Homes, it’s okay if you don’t have a realtor — we’ll be happy to work with you whether you have one or not. Our Home Guides will walk you through the process every step of the way. This can save you from having to pay realtor fees or using a “middle man” to communicate. Talk directly to the people you’re buying your home from — it’s as simple as that.
4. Don’t Make Other Big Purchases
This isn’t the time to go out and buy a new flat screen TV or open a new credit card — or you could accidentally lower your credit score or negatively impact your debt-to-income ratio. Both of these things will be looked at when you’re being considered for a mortgage. If you’re searching for a home, it’s better to keep your finances operating like normal.
5. Overlooking the Neighborhood or Location
Sometimes we get swept away by our dream home and forget to pay attention to what’s outside its doors. Buying on a busy street or in a noisy area could spell trouble down the road. All Starlight Homes are built in quiet, safe neighborhoods. No railroad tracks lurking in your backyard, we promise.
6. Don’t Get Too Far Ahead of Yourself
At Starlight Homes, you don’t need to get Pre-Anything before coming in. You can talk to one of our Home Guides and tour a home. But not all home-buying processes work this way. We’ll help guide you through each of these steps so you don’t need to worry about this homework.
7. Buying Too Much House
Bigger isn’t always better. The more square footage you buy, the more space you’ll have to furnish and clean — and you’re probably looking for comfort, not a second part-time job. Get the illusion of more space with high ceilings and an open floor plan. You can find both in all Starlight Homes, and your guests will still “ooo” and “ahhh” when they walk through the door.
Feeling more confident about buying your first home? We hope so! Contact us today to set up an appointment with one of our Home Guides. You’ll be able to get any questions answered and tour a home that fits your budget.
This communication is provided to you for informational purposes only and should not be relied upon by you. Starlight Homes does not offer loans or mortgages. Starlight Homes is not a lender or a mortgage broker. Contact Velocio Mortgage directly to learn more about its mortgage products and your eligibility for such products. The mortgage program information is not to be construed as a quotation or offer of credit from any lending institution. Programs, rates, terms and conditions are subject to change at any time without notice. Actual rates available to you may vary based upon a number of factors including your credit rating, documentation level, and market conditions. Income, geographic, and/or other restrictions may apply to $0 down financing. See terms and conditions for complete information. All loans are subject to credit approval. Other restrictions may apply.
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