Below is a list of the 14 common first-time homebuyer mistakes
- Looking for a home before applying for a mortgage.
- Talking to only one lender.
- Buying more house than you can afford.
- Moving too fast.
- Draining your savings.
- Being careless with credit.
- Fixating on the house over the neighborhood.
- Making decisions based on emotion.
- Assuming you need a 20 percent down payment.
- Waiting for the ‘unicorn.’
- Overlooking FHA, VA, and USDA loans.
- Miscalculating the hidden costs of homeownership.
- Not lining up gift money.
- Not negotiating a home buyer rebate.
Purchasing a home is probably one of the biggest life decisions you’ll ever make. Getting a professional real estate advisor will give you real peace of mind. Buying a home involves a lot of moving parts and complex steps. Still, this guide — along with the professional expertise of your real estate agent and mortgage lender — can help you navigate the process smoothly. By doing your homework ahead of time, you’ll have more confidence in your decision and relish getting those coveted house keys on closing day.