Things a First Time Homebuyer should avoid doing

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Here are some things that first-time homebuyers should avoid doing:

1. Rushing into a purchase: It's important not to rush into a home purchase without doing proper research and taking the time to understand the home buying process.

2. Ignoring the true cost of homeownership: Owning a home comes with expenses beyond the mortgage payment, such as property taxes, insurance, maintenance, and repairs. First-time homebuyers should carefully consider the true cost of homeownership and budget accordingly.

3. Overextending their budget: It's important to set a realistic budget for a home purchase and not to overextend oneself financially. This means considering not only the purchase price but also ongoing expenses.

4. Failing to get pre-approved for a mortgage: Before starting the home search, it's important to get pre-approved for a mortgage. This will help set a realistic budget and give the buyer an advantage in a competitive market.

5. Skipping the home inspection: A home inspection is a critical step in the home-buying process. Skipping it can lead to unexpected and expensive repairs down the road.

6. Neglecting to shop around for a mortgage: First-time homebuyers should compare mortgage offers from multiple lenders to find the best rates and terms.

7. Making large purchases before closing: It's important not to make large purchases before closing on a home, as this can affect one's credit score and debt-to-income ratio, which can impact the ability to secure a mortgage.