Top 10 Home Buying Mistakes That Can Cost You : HGTV FrontDoor Real Estate

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Avoid these blunders that homebuyers commonly make

By Shannon Petrie, FrontDoor.com

Pre-approval lets you know how much you can afford before you start shopping for a home.

Mistake #10: Not getting pre-approved before house hunting

Why get your hopes up looking at $500,000 homes, when you can really only afford a $300,000 home? Before you start house hunting, narrow down your price range by getting pre-approved. Shop for a lender or mortgage broker you can trust. The mortgage pro will review your credit, income, assets and debts, and recommend a mortgage with monthly payments that fit your budget. The result is a good faith estimate, a document that spells out the likely terms of your loan, including the interest rate and closing costs. Not only does this let you know how much house you can afford, it also lets sellers know that you’re serious about buying.

via Top 10 Home Buying Mistakes That Can Cost You : HGTV FrontDoor Real Estate.

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