For First-Time Homebuyers: How to Dodge 5 Costly Rookie Mistakes

How to Dodge 5 Costly Rookie Mistakes

1. Searching for the dream home before getting prequalified for a loan. Save yourself the disappointment of not being able to afford the home of your dreams by getting prequalified for your loan before you start house hunting. Instead of picking out a price range and searching listings, take the time to talk to a lender about how much house you can realistically afford and what the monthly payment breakdown -– with all taxes and other fees included –- will be. The amount you are preapproved for will help you create a realistic budget for your home search. 2. Delaying the buying process in hopes of a better rate.