A mortgage is the biggest debt most of us will ever carry, and a home is the most expensive purchase we will ever make.
That’s why it’s so important to avoid pitfalls like letting the bank decide how much house you can afford or failing to check your credit before you try to buy.
These mistakes can cause you to pay more than you need to, prevent your loan from closing or even lead to foreclosure and bankruptcy.
Don’t let the unfamiliarity and enormity of taking out a home loan scare you.
People make smart mortgage choices every day. They get home loans with great interest rates, low fees and predictable, fixed monthly payments, and they make a budget ahead of time and think about their long-term plans so they don’t get in over their heads.
Our guide to the mortgage mistakes you should avoid will turn you into a savvy borrower so that owning your home will be a joy, not a burden, and will help you achieve long-term financial security.
By Amy Fontinelle Interest.com contributing editor