Buying a first home can be a daunting experience, and if you are rushing to meet the Government Tax Credit, you can find yourself making some hasty mistakes. Here are five common and costly mistakes that novice home buyers make:

1. Ignoring the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.

2. Muddying the waters by shopping for other things before closing. Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan.

3. Scrimping on an inspection. Being surprised by the need for expensive repairs can be financially devastating.

4. Buying without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates.

5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.

The best thing you can do for yourself is have a great REALTOR who knows the Houston, Texas real estate market and the process of buying and selling real estate really well.  Don Puryear and his team of agents are highly skilled and ready to make the process as quick and easy as possible.  Contact us with any questions pertaining to buying your dream home!