August 15, 2017 – The First Time Homebuyer may be the most vulnerable home buyer on the planet. Here, Anthony Powell, Vice President of Operations, AAFMAA Mortgage Services (AMS) explains why, and how to mitigate risks associated with purchasing a home as a First Time Home-buyer. Particular emphasis is placed on the risks with the military home buyers. AMS represents the military home buyer and uses state-licensed mortgage loan officers in licensed states.
First time homebuyer’s are vulnerable due to shorter time horizons, lack of equity, and a lack of experience understanding contractual risks (Realtor broker agreement, due diligence and earnest money at risk, purchase and sales agreement, controlled business arrangements that are not shared with the consumer, etc.), execution risks (meeting timelines and documentation preparation), and home ownership risks (unexpected costs). Additional risks are present in the location of the home, due to local economic changes, unemployment changes, and demographic shifts. It is wise to consult with a state licensed mortgage loan professional.
A great place to start for a military family in search of a first home is the mbaa.org research area or Case-Shiller index. Here, first time home buyers can review the ups and downs of home prices in a particular market. First time homebuyers should review prices in these markets as they move from high to low. This provides an indication of what a consumer can expect with this most important investment.
These data intensive sites provide insight into the local market a military First-time Home-buyer enters. Our state licensed professionals are happy to discuss local markets.
Competitive, accurate, honest, transparent, and member-owned. Experience the difference at AAFMAA Mortgage Services. AAFMAA Mortgage Services LLC is licensed in 13 states (a complete list and licenses may be found at http://www.aafmaa.com/mortgage). The team operates from 639 Executive Place, Suite 203, Fayetteville, North Carolina 28305. Call 844-422-3622 (844-4-AAFMAA), email mortgage(at)aafmaa.com or visit the website at http://www.aafmaa.com/mortgage to reach AAFMAA Mortgage Services. Equal Opportunity Lender. Lender NMLS: 1423968. Anthony Powell, NMLS ID 78385.