home-search process, but buyers ignorant of this, or making assumptions, could end up in a situation that they’ll regret. Don’t let this be you.
Mistake #2: Disregarding Hidden Costs
A lot of home buyers disregard, or are ignorant of, hidden costs in purchasing a home. Both first-time buyers and more “seasoned” home buyers can make this costly mistake. If you don’t prepare for hidden fees, you might be in for a surprise. Closing costs are a good example, as they usually include several fees that cover final housekeeping matters, but many buyers don’t factor in this expense as part of the overall cost of purchasing a home. Once you’re a homeowner, you’ll have additional expenses on top of your monthly mortgage payment. For example, you’ll be responsible for paying property taxes, insuring your home against disasters, paying homeowners’ association or condominium fees, and making whatever repairs the property requires. Many buyers don’t bother looking into their credit score when making financial preparations for their home-buying experience, but if you decide to apply for a mortgage loan without checking your credit score, you could end up paying a lot more than you expected. It’s best to get a credit check beforehand. Good credit is a critical component in applying for a home loan, and there are steps you can take Mistake #3: Not Knowing Your Credit Score
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