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10 Frequent pitfalls of first buyers should pay attention to this

10 Frequent pitfalls of first buyers should pay attention to this

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photo: Patrick T. Fallon / contributor ((Getty pictures)))

Buying a house for the first time is not an easy task – and there is almost too much space for mistakes.

Experts at Bankrate.com Created a list of common mistakes that make first buyers and should do their best to avoid them.

Read on to see that created the list:

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Not be approved at first

Not be approved at first

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photo: Mario Tama / Staff ((Getty pictures)))

Before you go out the house hunt, you should be approved for a mortgage in advance. In competitive markets, this guarantees that your broker and house sellers take you seriously.

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Prioritization of the house over the neighborhood

Prioritization of the house over the neighborhood

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photo: The good brigade ((Getty pictures)))

Your neighborhood can be as important as the house you choose. First buyers often look for a house that checks all the boxes, but should also concentrate on the place that makes sense for them.

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Hold for a “unicorn” house

Hold for a “unicorn” house

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photo: Andrew Caballero-Reynolds / contributor ((Getty pictures)))

When you wait for the unicorn that never comes, you miss a lot of great options. The search for affordable and practical “starter” houses is the key when buying a house for the first time.

Become too emotional

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photo: Hill Street Studios ((Getty pictures)))

The purchase of homes will always be an emotional experience, but do not let emotions decide your decisions. In the case of things in the river, it is important not to bind to a house, especially if it is out of their budget. Stay grounded and take into account your long -term financial needs.

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Do not shop for lenders

Do not shop for lenders

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photo: Jhvephoto ((Getty pictures)))

The mortgage interests are currently high, and their chances of getting good business are much lower if they only speak to a lender. Compare offers from various lenders – banking rate recommends talking to at least three – and you could save a good part of money.

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Accelerated by the process

Accelerated by the process

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photo: Martin Baraud ((Getty pictures)))

Buying a house is exciting, but that's no reason to drive yourself forward. Make sure you have enough for a down payment and closing costs before you enter the process. Bank rate recommends creating a detailed schedule to know when you are ready to make the jump.

Block your budget over

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photo: Pictures of Tang Ming Tung ((Getty pictures)))

We all know the expression “house rich, money poor”, and they don't want them to be – especially when they buy a house for the first time. Don't buy a house you think about will can afford in the future. Be realistic about what you can now afford and plan accordingly.

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Use all of your savings

Use all of your savings

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photo: DIY13 ((Getty pictures)))

First buyers are often released their savings to achieve the house of their dreams, but then they will start from scratch. If other expenses occur, they will be in great difficulties.

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Save until you have 20% down

Save until you have 20% down

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photo: D3Sign ((Getty pictures)))

First buyers with a creditworthiness of over 580 can access the FHA loans (Federal Housing Administration), which have only dropped 3.5%. You have to take out mortgage insurance, but it is a good option for people who are ready to buy, but delayed for years when you try to save 20%.

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Forget the hidden costs

Forget the hidden costs

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photo: Pictures of Tang Ming Tung ((Getty pictures)))

Home ownership is expensive and full of hidden costs. Make sure you have saved enough to be prepared for roof damage or a bureau.

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