As the housing market continues to be strong, there are things NOT to do when buying a home.
Looking for a home before applying for a mortgage. If you're serious about buying a house get pre-approved.
Talking to only one lender. Shop around with at least three lenders, compare rates, lender fees and loan terms.
Buying more house than you can afford. Just because you qualify for a more expensive loan doesn't mean you can afford the monthly payments.
Don't drain all your savings for the down payment and closing costs.
Being careless with credit. Don't open new credit cards, close existing accounts, take out new loans or make large purchases on existing accounts in the months leading up to applying for a mortgage through closing day.
Overlooking FHA, VA and USDA loans. If you don't qualify for a conventional loan, look into the three government insured loan programs.
Miscalculating the hidden costs of homeownership. Make sure you have a break down of property taxes, insurance, utilities, ect. so you know what your costs will be.
A home is one of the biggest investments you ever make, do your homework for the best outcome.
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