The excitement of shopping is intensified tenfold when you’re looking for your new home! There are so many options and possibilities, so many features you might want to find in your new house, and let’s not forget the all important location, location, location! But slow down – it’s very easy to get carried away and make one or more of these common first timer mistakes. Stop, think, and know your options and responsibilities before signing on the dotted line.
Mistake #1) Looking at houses before getting pre-qualified for a mortgage (or otherwise knowing your real budget)
Truth – I think we’ve all done this to some degree, if only by idly browsing around on Zillow with an arbitrary spending cap to weed out the mansions. But when you start actually looking at houses with the intent to buy, you really need to know what you can afford. It really doesn’t take all that long to get pre-qualified for a mortgage, and it will save you from the next big mistake.
Mistake #2) Falling in love with/offering on a house that’s more than you can afford.