Home buyer mistakes are common amongst first, second and even third time buyers. The key is identifying common mistakes, grasping an understanding of why they are usually made and simply avoiding them. Educating yourself before you begin the home-buying process will help you eliminate pitfalls and mistakes. See Home Buyer Advice...PRICELESS!

MISTAKE # 1:

The buyer doesn't ask enough questions of their lender and miss out on the best deal. Make sure you take the time to research different types of mortgages for yourself. Try to familiarize yourself with certain terms such as adjustable, fixed, jumbo, interest only...which are all loan types. When it comes to choosing your mortgage or accepting the suggested mortgage that your lender offers...ASK QUESTIONS!

You can never ask too many questions of your lender. His/her answers will make you feel more comfortable and secure about proceeding. Purchasing a home is a BIG investment and should be handled as such. If you feel uncomfortable with any of the information that the lender provides and want a second opinion, then get one. It's advisable to shop around until you find the best mortgage product. Different lenders are able to do different things.

If you are a first time home buyer don't assume you have to accept the mortgage product offered. Be careful. The mortgage product you choose could cost you or save you thousands of dollars.

MISTAKE #2

The buyers doesn't act quickly enough to make a decision and someone else buys the house. A future home buyer often times don't think about the competitive bidding involved in home shopping. Narrow your search down and concentrate on the house that you really like most...then make your offer.

Over analyzing, procrastinating and needing everyone's opinion before you make a move often causes you to miss out. Remember if the house is attractive to you, it's also attractive to another potential home buyer! If you love it...buy it!

MISTAKE # 3

The buyer doesn't find the right real estate agent. One who's willing to help them through the home-buying process. You can save a lot of time, energy and gas if you work with a real estate agent. Realtors use a program called MLS (Multiple Listing Service) which allows them to find all the available homes in the areas you desire. Therefore, you will know the availability and relevant information (# of bedrooms, square footage, etc) about the home before making a trip to the property.

It's certainly fine to search for houses on your own also. You may be taking a Sunday drive and find a nice subdivision with a home you want to know more about. You can write down the address and call your Realtor to get all the facts. After your conversation with him/her you can decide if the property is worth your time to visit.

MISTAKE # 4

The buyer doesn't do enough to make their offer look good to the seller (i.e. putting down Earnest Money). Earnest money is similar to a deposit. It shows "good faith" to the seller of the home you want to purchase. Earnest money is "NOT A REQUIREMENT" for most deals. However, it helps to display the seriousness of the buyer's intent to purchase the home.

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