Finance >> Browse Articles >> Mortgage


7 Common Mistakes of First-Time Homebuyers

7 Common Mistakes of First-Time Homebuyers

Katie McCaskey |

Buying a home for the first time can be an invigorating yet scary experience. Here are some pitfalls to avoid when you’re buying your first home:

1. Buying Before You’re Ready

Although you may hear people say you’re “throwing your money away on rent,” it isn’t always wise to buy a home. If you make a good salary and have an expanding family, the desire to own a home is natural, but you have to make sure that buying makes good financial sense. Start by evaluating your debt and income. You should cap your spending on a home at no more than three times your household adjusted gross income. Also, you should reduce your income by your debt. This is how much house you can truly afford. Most financial experts also recommend that you have eight to 12 months in liquid assets in order to be totally prepared for homeownership.

Next Page: Not Asking Questions>>

NursingLink School Finder

Save time in your search for a nursing or healthcare degree program. Use NursingLink's School Finder to locate schools online and in your area.

Get Info

* In the event that we cannot find a program from one of our partner schools that matches your specific area of interest, we may show schools with similar or unrelated programs.