Common Mistakes First-Time Homebuyers Make

Buying a house is complicated. First-time buyers can make costly mistakes. Here are things to avoidNot Knowing What You Can AffordUse a mortgage affordability calculator to avoid wasting time looking at listings that are too expensive.Not Comparing RatesBy applying to several lenders, you could secure a loan with much more favorable terms.Not Checking Your Credit ReportCheck your credit and, if you find any errors, contact the credit bureau to have them corrected before you apply for a mortgage.Choosing the Wrong Down PaymentA low down payment makes homeownership more attainable, but you may get charged higher interest.Not Considering Other CostsBe sure to factor in property taxes, insurance, maintenance, repairs and utilities into your budget.Published with permission from RISMedia.