3 Mistakes to Avoid When Buying a New Home

It can be exciting going through the process of purchasing a new home. However, there are several mistakes everyone should be aware of and avoid at all costs.

Below are 3 mistakes to avoid when buying a new home:

Not Checking Credit Report and Score

You’ve clicked through hundreds of online listings, compared floor plans and square footage, and are eager to jump-start your search. But before you even think of setting foot in an open house, make sure you get a copy of your credit report. The cleaner your credit report and the higher your credit score, the more likely you are to be preapproved for a mortgage at a low interest rate.

Review your credit report a few months before you begin your house hunt, and you’ll have time to ensure the facts are correct and dispute mistakes before a mortgage lender checks your credit. You can access a free copy of your credit report at annualcreditreport.com once every 12 months. Source: http://ift.tt/1k9dt70

Forgetting About the Hidden Costs

Buying a home isn’t just a matter of replacing a rental payment with a mortgage payment. There are also maintenance costs, utilities (which will likely cost more) and property taxes. “People tend to forget about both property taxes and insurance when they’re thinking about how much house they can afford,” Derrick says.

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