Hi everyone. This is your Tampa Bay Realtor Lance Mohr and in this video I want to
talk about the 4 biggest mistakes first-time home buyers make when buying
their home.
All right so let me just get to it over the last twenty years being in real
estate I've seen a lot of mistakes first-time homebuyers make and I'm not
going to put them in any certain order but one of the mistakes is assuming the
property value is always going to go up you have to understand real estate is a
long-term play it's not a short-term fix property values are gonna go up they're
gonna go down they're gonna go out but it's a long-term play if you actually
look back to the 1930s and look at this stats and in the charts you're gonna see
they're gonna go up up up up down down down up up up up but the good thing is
they're always going to go up and the reason why over 80% of all the wealthy
United States is in real estate is because it's such a sound investment
it's always going to be there people always need shelter
they always need a place to live the way I look at it you're either came your
mortgage or you're paying someone else's mortgage it's as simple as that but
don't assume the values are always gonna go up just keep in mind they could go up
they'll go down but don't worry they'll go back up it's a long-term play the
second mistake is not using a reorder or not using a really good relayer reorders
are gonna set the tone for everything if you don't have a good realtor you're
gonna have a lot of problems or you could have a lot of problems but what
you want to do is you want to do your due diligence you want to hire and
choose a realtor that's good for you I'll put a video up above on how to
choose a realtor I would suggest watching it but it's
gonna they're gonna set the tone for everything or you can have a good
experience and not so good experience are you gonna get the home you want or
not get it are you gonna get a good price are you gonna overpay for the home
you're gonna not know why do these things because you could hire an agent
if they're not real good you're not going to understand you're just gonna
know oh I'm just not having a good experience oh why did we lose that home
or did we overpay you're not overpay so do your due diligence hire an agent
that's good feel free to interview you I never think that's a bad idea you
could talk to family talk to friends talk to coworkers but do your own due
diligence research him ask him why should I use you what are you gonna do
better than everybody else what makes you different asking these questions if
you don't want to ask him face to face then send him an email or text message
them I would probably send him an email okay I'm gonna put a video above you
could watch that the next thing number three the state home buyers may
first-time home buyers and this goes for a lot of people not just first-time
homebuyers but not getting the right loan program for you a lot of you may
know for many years I used to be a mortgage banking and the number one
question I always got from people is what's your interest rate and I was
always asked well tell me a little bit about your situation the reason why I
did that is because I wanted to try to see what the best program was for them
it doesn't make any difference what the interest rate is if it's not a good
program for you when you're buying your first home you want to get educated in
everything which is actually one of the reasons why I do all these YouTube
videos is because I want to help educate people you want to go to a lender that's
going to educate you not a lender that just says go online fill out the
application oh great you're on an FHA loan but what are the options what are
the different type of loan programs is that they check for you is conventional
good for you you have USDA what about buying money if you're a veteran and
you're putting down no money down or very little money down what about a VA
loan program they have their pros and cons so reach out reach out to friends
reach out to family or coworkers talk to your real estate agent talked to a few
lenders see who's the best for you again I'm gonna put a video up above it'll
walk through and how to choose a lender so you don't make these mistakes okay
the number four mistake that home buyers make first-time homebuyers virtually all
homebuyers make this mistake is they do not understand how a mortgage actually
works and the problem is banks understand this
very very well I did a video in this I'm gonna put it up above and the reason why
I did a video in this is because I started noticing a very high percentage
of people in their 60s and their 70s in their 80s and no equity in their home
they were doing everything wrong because they didn't understand how a basic
mortgage works and you need to understand it you don't understand how
basic mortgage works the chances of you losing tens of thousands if not over a
hundred thousand dollars is going to be very easy but if you understand how a
mortgage works the possibility of saving tens of thousands of dollars even
hundreds of thousand dollars over the life of your loans is going to be very
easy so check out the video and you know and really find out how not only how
mortgages work but how abductions work on an interest rate deductions in tax
deductions when you own a home if you have any questions at all and if you're
looking for a realtor in your area you don't know one reach out to me I'll set
you up I don't have a problem getting a great realtor for you there's a lot of
really good Realtors out there if you have any questions at all don't hesitate
to give me a call I'd love to help you out send me an email call me text me I
wish you the best of luck I'm doing these videos for you so enjoy them check
out my channel subscribe if you like the video give me a thumbs up have a
wonderful day
you