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First-time homebuyers may want to watch for six common mistakes: skipping mortgage pre-approval, overlooking additional costs like taxes and maintenance, ignoring location factors, underestimating future needs, foregoing home inspections, and rushing the decision. Careful planning, thorough research, and taking time to evaluate options can help support a smoother, more confident homebuying experience.

Mortgage refinancing involves replacing an existing mortgage, which may help change the interest rate, adjust loan terms, or access home equity. Potential benefits can include different monthly payments and more predictable terms, but closing costs often fall around 1% to 5% of the loan amount, plus possible penalties depending on the loan. Timelines vary, but the process can take several weeks and typically includes a financial review, an appraisal, and reviewing available options. Challenges can include higher costs and the possibility of not being approved, and outcomes often depend on factors like credit history, income, and overall debt.

To compare mortgage options, start by reviewing your income, debts, and debt-to-income ratio (some lenders may look for around 36%, but it varies). Learn common mortgage types (fixed, adjustable, FHA, VA, USDA, jumbo, or interest-only) and how they work. Check your credit score, think through a housing budget using general guidelines like the 28%-36% rule, and consider down payment choices (20% is often cited, but not required). When comparing offers, look at rates, fees, and APRs, and ask what factors may affect pricing and terms. Many buyers get a pre-approval before house hunting, then make an offer, schedule a home inspection, complete the loan application, go through underwriting, attend closing, and move in.

January saw increased inventory in the Lake Oconee real estate market, with active residential listings rising nearly 10%, giving buyers more options and reducing urgency. Land availability declined due to steady demand for new construction. Average list prices rose 4.9% to about $1.36 million, supported by strong demand for waterfront and golf properties and limited resale turnover. Sales under contract and closings increased significantly, though transactions are taking longer amid higher mortgage rates. Strategic pricing and quality remain crucial for sellers.