The Top Three Mistakes First-Time Homebuyers Make

Buying your first home is exciting… and stressful.

Let's take a look at some of the most common mistakes that first-time homebuyers make:

1.  Not Understanding Their Financial Position

Clicking through online listings and visiting open houses is fun, but without a review of your finances and lending options, you may not know what you can truly afford.

It’s crucial first-time homebuyers work with loan officers – like the knowledgeable and friendly team at Penn Community Bank - assist and guide them through this sometimes complicated process.

By working with a lending professional you can fully understand your financial situation and pick a plan that works for you AND your wallet.

2.  Forgetting to Account for Additional Expenses

Aside from the price home itself, there are several other costs associated with buying a house. Closing costs - like property valuation, home inspections, and others - can quickly add up.

Being informed about this process is crucial to obtaining the best terms and conditions for your particular situation.

Buying a home is the biggest purchase of your life, it’s important first-time homebuyers do their homework and gain the financial literacy needed to complete their purchase with confidence.

3. Making Decisions with Their Heart

Sometimes when house hunting you’ll feel a certain connection to a particular home and make the decision to buy without looking for potential negatives or issues with the house.

No matter what, it’s critical to make sound financial decisions instead of simply basing them on aesthetics. Make sure you’re taking all factors into account and making the best decision for your future.

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At Penn Community Bank, we know what it means to be loyal to and grow alongside with our community. In fact, we want to help you grow, and if you’re looking to buy your first home, we have the resources and dedicated staff to guide you, help you realize your dreams, and avoid the common mistakes associated with making this life-changing purchase.

For more information on our first time home buying programs and our flexible lending, just fill out our easy online mortgage application or call our lending team at 215-788-1234.