Buying a house is complicated. First-time buyers can make costly mistakes. Here are things to avoid
Not Knowing What You Can Afford
Use a mortgage affordability calculator to avoid wasting time looking at listings that are too expensive.
Not Comparing Rates
By applying to several lenders, you could secure a loan with much more favorable terms.
Not Checking Your Credit Report
Check 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 Payment
A low down payment makes homeownership more attainable, but you may get charged higher interest.
Not Considering Other Costs
Be sure to factor in property taxes, insurance, maintenance, repairs and utilities into your budget.
Published with permission from RISMedia.
