Summary
The article discusses common mistakes first-time homebuyers make, based on insights from Jeremy Davis, a mortgage expert. Davis highlights the importance of securing a pre-approval, understanding closing costs, and managing emotions during the home-buying process.
Key Facts
- Jeremy Davis is the president of mortgage at Southern Bancorp, a community-focused financial institution.
- Skipping pre-approval before house shopping can weaken a buyer's offer and lead to financial and emotional problems.
- Closing costs, which can range from 2 to 5 percent of the home’s purchase price, are often underestimated by buyers.
- Emotional factors can lead to overpaying or making poor decisions during the home-buying process.
- Davis suggests grounding decisions in logic and data to avoid regret.
- A lack of financial education about mortgages and long-term homeownership is a larger issue that affects many buyers.
