Successful homeownership starts with avoiding mistakes
Everyone makes mistakes. But in home buying? Those mistakes can cost you dearly.
Not only can they mean more in costs (think tens of thousands more), but they can also hinder your mortgage loan, throw off your closing or — in some cases — even make you lose your dream home altogether.
Want to make sure you’re on the right track for your first home purchase? Then avoid these all-too-common first-time buyer mistakes.
- Buying more house than you can afford
- Not shopping around for your mortgage
- Starting the home search before getting pre-approved for a loan
- Delaying your home purchase just because of the down payment
- Not learning about FHA, VA and USDA loans
- Not providing a paper trail for gift money
- Failing to negotiate a homebuyer rebate
- Not checking your credit score first
- Buying a home that won’t suit your needs long-term
- Getting too emotional about one house
The bottom line
Avoiding these first-time buyer mistakes is only the beginning, though. When you’re buying a home, there a lot of moving parts. Each one impacts the other, and any small change or slip-up can have serious effects on your ability to purchase a property. Before diving in, make sure you’re clear on your financial scenario, shop around for the right lender and get pre-approved for your loan. This will give you a solid foundation as you begin your home buying journey.
The information contained on this website is for informational purposes only and is not an advertisement for products . The views and opinions expressed herein are those of the author and do not reflect the policy or position of Brokerage. Source: The Mortgage Reports