According to Freedom Mortgage CEO Stan Middleman, first-time homebuyers should avoid two common mistakes which can significantly derail their financial livelihood.
Buying too much house and borrowing too much money.
And while homeownership gives first-time buyers an opportunity to build credit and equity, Middleman goes on to explain the danger in buying a home that is at your max budget.
“I hate seeing people, particularly vets who are many times young people, that are getting to exercise the acquisition of their first home … buy too much house and then not being able to accumulate savings so that they can get their next house and take care of their family and enjoy a lifestyle that’s not debt-ridden.”
“We all have to borrow money sometimes, but if you have to borrow money then borrow the right amount of money so that you’re not busy paying debt on something that you really don’t need to have and try and take yourself through an economically responsible activity so that you can really build value in your life,” Middleman added.
If you’re concerned about what the VA loan process may look like for you, speak with a Freedom Mortgage loan specialist about your specific situation anytime at 800-601-0770, or apply online today.
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