Top 5 Mistakes First-Time Homebuyers Make (And How to Avoid Them)
ByOlivier
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1. Not receiving preapproval prior to looking for a home
The error:
Searching for a property without first obtaining a mortgage preapproval is one of the most frequent mistakes. This results in missed chances, heartache, and wasted time.
Why
The issue is that:
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You could develop feelings for a house that you can’t truly afford
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Without prior approval, sellers are less inclined to accept proposals from purchasers
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You won’t be aware of your actual price range
How to Prevent It:
Before you begin looking at houses:
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Get pre-approved by a respectable lender
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Understand your budget clearly
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Strengthen your offers and speed up the closing process
A pre-approval letter, not just a prequalification (which is less trustworthy), should be provided by your lender.
