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Are you considering purchasing a home? Homebuyers like you are in for an exciting ride! But don’t let common home-buying mistakes take the fun out of the process. Here are three mistakes to look out for and how to avoid them.
Mistake #1: Overestimating Your Budget
Being house poor is no fun. It limits your opportunities to do other things with your time and money. To avoid a mortgage payment that borders on unaffordable, be sure to accurately determine your budget before you start shopping. A good mortgage lender can help.
Mistake #2: Ignoring Available Loan Programs
You might qualify for different loan and home-buyer options. A big mistake is to ignore those options and think your only choice is a traditional loan. You could miss out on some opportunities to save money and get a better rate. An experienced lending company will offer you any and all programs you qualify for before you jump into one type of loan.
Mistake #3: Overlooking Closing Costs and Other Expenses
New home buyers often make the rookie mistake of not including closing costs and other expenses in their budget. You can avoid this mistake by planning ahead for appraisal fees, inspections, property taxes, and closing fees. Your loan officer should fill you in on all of the expenses related to buying a home.
Buying a house is exciting, but it can also be challenging and stressful. Let the mortgage professionals at Midland Mortgage Corporation help you avoid some common mistakes while they steer you to the best possible loan programs for you and your circumstances.