Here are two mistakes buyers often make when shopping for a home, according to Realtor.com®.
Not sticking to a budget
Once you’ve set a housing budget, try to avoid getting emotionally attached to a home that’s way out of your price range. Borrowing more than you can comfortably afford can lead to long-term financial problems. One rule of thumb says that your total monthly mortgage plus other debts (car payments, student loans, credit cards, etc.) should not exceed 43% of your pretax earnings.
Not comparing lenders
You can save money both in the short-term (closing costs) and long-term (interest rates) by shopping around before committing to a mortgage. You may want to begin with your own bank, but check with other banks, mortgage brokers or online lenders as well.
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Rachel Sheller, Realtor, CRS, ABR, GRI, SRES, Diversity Specialist-HOWNW, Earth Advantage Broker,
MASTERS CIRCLE, CSA-Certified Staging Agent, Oregon First- Principal Broker, Washington First-Managing Broker
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