5 Costly Mistakes First-Time Buyers Make | #realestate #newyork # finance #money #economy #real_estate #new_york

5 Costly Mistakes First-Time Buyers Make

by Raja Tayeb on April 21, 2010

First-Time Home Buyers

Buying a first home can be a daunting experience. Here are five common and costly mistakes that novice home buyers make:


  1. Ignoring the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.
  2. Muddying the waters by shopping for other things before closing. Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan.
  3. Scrimping on an inspection. Being surprised by the need for expensive repairs can be financially devastating.
  4. Buying without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates.
  5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.


Source: CNNMoney.com, Les Christie (04/19/2010)

Posted via web from New York Real Estate Access…A Real Estate Blog

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