First Time Home Buyer Mistakes | 7 Mistakes from Contract to Closing Day | Buying a House Tips

First Time Home Buyer Mistakes | 7 Mistakes From Contract to Closing Day | Buying a House Tips

In this video, real estate agent and Realtor Matt Leighton talks about the biggest first time home buyer mistakes that purchasers make from the time their purchase contract is accepted to the date of settlement.

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First Time Home Buyer Mistakes: The 7 Biggest Mistakes from Contract to Closing Day

0:52 - Mistake 1: Celebrating. Once your contract is accepted, that means you are about halfway through the home buying process. There is still a lot of work that needs to be done in order to get to Settlement on time. It's OK to celebrate a little bit, just know that the race is not over just yet and there are still a lot of action items that need to get done before you sign at Settlement.

1:58 - Mistake 2: Adding new debt. Your lender will pull your credit when you are initially approved for the loan, but they are also going to pull your credit a few days before Settlement. And if your credit score has dropped significantly, or you have taken on new debt like new credit cards, personal loans or you financed payments of something else (i.e. car, wedding ring, furniture, etc), you may not be eligible for your loan program.

3:09 - Mistake 3: Being slow with your contingencies. Once both parties sign the final contract, the clock will start ticking on your timeframes. So whether it is your home inspection, your financing, or your due diligence contingency period, we want to make sure we start working on those right away as opposed to waiting until the last minute in case something unexpected comes up.

4:02 - Mistake 4: Not communicating with your lender. During your home search, your Realtor will be your primary point of contact. Once your offer has been accepted, you will still be in contact with your real estate agent but your lender will be your primary point of contact. The reason being is that the lender needs additional paperwork during the closing process. If you delay your paperwork or don't return calls and emails, that could cause the Settlement to get delayed.

5:01 - Mistake 5: Taking advice from the wrong people. When you are a first time home buyer purchasing a home, many people will give you advice. Family, friends and everyone in between will tell you what you should and should not do. Just like in life, it is important to figure out who you should take advice from and who you should not take advice from. Have your trusted group of friends that you can bounce ideas off of if you do need a sounding board.

6:12 - Mistake 6: Not understanding or knowing when Settlement will occur. Settlement aka Closing will take place on the exact date that is written in the contract. Unless there is an additional addendum signed by both sides, you cannot sign before the date of Settlement and you cannot sign after the date of Settlement.

7:01 - Mistake 7: Not seeing the Settlement statement until the day of Settlement. The Closing Disclosure (from the lender) and Alta Statement (from the title company) are all available for you to view a few days before Settlement. Don't make the mistake of being unprepared at closing. You will want to review these documents a few days before settlement to make sure everything looks OK and you understand all the items on the statement.
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Business inquires
matt@OrangeLineCondo.com

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Matt Leighton - Arlington VA Real Estate Agent
Licensed in VA & DC
Matt [at] Orange Line Condo dot com
Century 21 Redwood Realty
1934 Wilson Blvd
Arlington, VA 22201
https://youtu.be/AGpDhpkkRtk

Видео First Time Home Buyer Mistakes | 7 Mistakes from Contract to Closing Day | Buying a House Tips канала Matt Leighton