More Common Home Buying Mistakes

In this week's 5-Point-5, we'll learn about 5 more common homebuying mistakes and how to avoid them.

1st point: Waiving the home inspection

In a competitive market, some buyers skip inspections to make their offer stronger, but that can lead to expensive surprises later. Always know what you're buying.

2nd point: Not considering loan options

Not every buyer needs a conventional loan. FHA, VA, or non-conventional programs may be a better fit - especially for first-time buyers, veterans, or the self-employed.

3rd point: Quitting your job

This seems pretty obvious, but it has happened. Shortly before closing, lenders have to check that you're still employed.

4th point: Underestimating closing costs

Closing costs usually run 2-5% of the purchase price. Plan ahead so you're not stretched too thin at closing, or ask for seller credit in your purchase offer.

Last point: Letting emotions drive the offer

Falling in love with a house is easy - but overpaying for it or ignoring red flags can hurt in the long run. Stay focused on your budget and long-term goals.