Buying your first home for most people is the largest purchase they will ever make. Talk about pressure!
Most people cannot pay cash for their first home, so they get a mortgage to finance the property. But getting a mortgage isn’t what it used to be. There have been many changes that have occurred to mortgage qualifications since the housing crash a few years ago, meaning getting financed for your first home can become quite a hassle.
Due to the changing mortgage industry, many people are shooting themselves in the foot when it comes to their qualifications as a borrower. From not being prepared for house hunting to not saving enough money for down payments, there are a lot of problems you can create for yourself.
Check out the infographic below for a list of the 12 most common mistakes first time homebuyers make and our tips for successfully buying for your first home.
Source : AllThingsFinance.net