{"id":603,"date":"2019-01-24T18:18:36","date_gmt":"2019-01-24T18:18:36","guid":{"rendered":"https:\/\/thekentuckyrumble.com\/?p=603"},"modified":"2019-03-08T23:16:57","modified_gmt":"2019-03-08T23:16:57","slug":"why-71-of-home-buyers-in-kentucky-will-overspend-on-their-first-home","status":"publish","type":"post","link":"https:\/\/touringnewmexico.com\/thekentuckyrumble\/why-71-of-home-buyers-in-kentucky-will-overspend-on-their-first-home\/","title":{"rendered":"Why 71% of Home Buyers in Kentucky Will Overspend on Their First Home"},"content":{"rendered":"\n

If you’re a first-time home buyer, here’s what’s going to happen.<\/p>\n\n\n\n

You’ll go online and google every search term:
“down payment”
“30 year fixed”
“15 year fixed”
“fixed rate vs. adjustable rate”
“conventional loans”
“FHA”
“APR”
“points”
“earnest money”
\u2026etc, etc.<\/p>\n\n\n\n

Four hours and two cups of coffee later, it finally hits you\u2026 You’re officially confused. Because the home buying process is no walk in the park. It’s more like treading down a dark alley while clutching your purse with both hands.<\/p>\n\n\n\n

Like watching a movie on Lifetime when you know somethings about to go down. <\/h3>\n\n\n\n

It gets worse. <\/p>\n\n\n\n

Frustration sets in and now you’re terrified you might never figure any of this out. Until\u2026 You discover “the shortcut”: Rate shopping.<\/strong> <\/p>\n\n\n\n

Boom, problem solved! All you have to do is compare interest rates. Easy peasy. <\/p>\n\n\n\n

Well, here\u2019s the part in the Lifetime movie where \u2014 out of the dark corner of the alley emerges a sinister shadowy figure. His grin is stretched ear-to-ear akin to Joker\u2019s face\u2026 or is that just your mind playing tricks?<\/p>\n\n\n\n

One thing is 100% for certain – his eyes are locked onto YOU like the red laser dot of a sniper.<\/p>\n\n\n\n

So here you are, comparing interest rates… <\/h3>\n\n\n\n

The further down you scroll, the higher the interest rates get. Easy enough – just go with the top choice with the lowest interest rate. What’s the worst that can happen?<\/p>\n\n\n\n

This is the part in the movie, where you catch a quick glimpse of the shadowy figure\u2019s face, split second before one of his hands in a tight, tar-black, leather glove grapples your forehead from behind \u2013 suddenly you sense the icy touch of a sharp steel blade against your jugular\u2026<\/p>\n\n\n\n

You go ahead and settle for the top choice with the lowest interest rate.<\/p>\n\n\n\n

Game over. There’s an abrupt muffled cry before the camera slams the ground. The last few frames of footage are fixed on the all too familiar swelling puddle of molasses-thick liquid, slowly growing larger in size. <\/p>\n\n\n\n

Most first-time home buyers stumble through that same dark alley. <\/h3>\n\n\n\n

71% of home buyers under the age of 64 settle for the mortgage with the lowest rate, according to a study done by Zillow.<\/p>\n\n\n\n

It’s not until you get to the end of the home buying process when you encounter that blade-wielding serial killer, lurking behind the dumpster in the alley: Closing Costs. <\/p>\n\n\n\n

These are some of the out-of-pocket expenses that are due at closing:<\/p>\n\n\n\n