Yogi Berra said he’d give his right arm to be ambidextrous. While most first-time home buyers are not going to that extreme, it is interesting to see what sacrifices are being made according to the National Association of REALTORS® 2016 Profile of Home Buyers and Sellers.
- 43% – cut spending on luxury or non-essential items
- 34% – cut spending on entertainment
- 27% – cut spending on clothes
- 14% – canceled vacation plans
9% – earned extra income through a second job
- 7% – sold or decided not to purchase a vehicle
- 44% – did not need to make any sacrifices
Forty-percent of first-time buyers experienced some difficulty during the mortgage application and approval process. Single, male buyers expressed a higher incidence of difficulty than single females and married or unmarried couples.
Pre-approval from a qualified mortgage lender before the home search process begins is still considered the best advice for all buyers who will purchase with a mortgage. Many home buyers I work with try to begin with a pre-qualification and realize, once they are under contract, that it was the best route. Avoid some possible road blocks by getting pre-approved with a reputable lender first.
Your real estate professional can make recommendations for a loan officer that could help you avoid unnecessary aggravations.
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