6 big mistakes home buyers make

(1)  Not knowing your credit score.  A low credit credit score may cause your interest rate to increase due to the higher perceived default risk  or cause you to be ineligible for financing. 
(2)  Buying a car before purchasing a home.  Typically financing an auto will lower your credit scores.  In addition, the monthly auto loan payment takes away your buying power on a home loan.  A $500 monthly auto loan payment can easily reduce your home purchasing power by $60,000.  
(3)  Skimping on home inspections.   The cost to cure home problems could far exceed the modest cost of home inspections. 
(4)  No contingencies.   There are a number of ways to exit a purchase contract with a low probability of losing your initial deposit such as loan approval, appraisal, property inspections....   However, if you give up your rights upfront, you run the risk of losing your deposit, tied down with litigation, or purchasing a home that has material issues.  
(5)  Not budgeting and not securing insurance early during the transaction.     Here are some insurance considerations: hazard insurance, flood insurance, mortgage insurance, earthquake insurance, homes located in a brush fire zone, home that might not be insurable......  
(6) Not hiring expert advice or reading disclosures.   If you purchase a condominium or home that has a homeowners association, is the HOA financial sound, are reserves sufficient, are there litigation issues, deferred maintenance issues, is the owner occupancy levels healthy, what are the delinquencies levels for HOA monthly dues, what are the CCR's and bylaws......

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