Avoid These 9 Expensive Home Buying Mistakes

The process of buying a home can be a nervous and anxious time due to the amount of money on the line. 

Here are nine common mistakes people make during the home buying process that ends up costing them a lot of money in the end. 

Buying When You Should Be Renting

If you’re unsure if you should rent or buy, several websites provide great rent affordability calculators to help you decide.

Letting The Lender Tell You How Much You Can Afford

When I shopped for my first home, I met with a lender who requested all my financial documents and recent pay stubs. After a relatively quick review process, I was provided with a preapproval letter that stated how much the bank was willing to lend me.

Applying For A Loan With Bad Credit

Just because you get approved for a loan and can afford the monthly payments, it doesn’t mean you should actually buy a home. Your credit score greatly impacts your interest rate on your home.

Going Through The Process Without A Realtor

Because sellers often have an agent working on their behalf, you should have someone working for your best interests as well. A quality realtor can offer you advice and help you stay away from shady sellers and bad deals.

Making Decisions Out Of Emotion

If you immediately fell in love with a home you looked at, you need to fight the emotional connection. Emotions have a way of causing us to overlook issues and flaws to get what our heart desires.

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