Watch Out

Watch Out

There’s a lot of time, research and even luck that is involved in buying a house. That means there are many chances to take a wrong step and make things more difficult for yourself. Here are some things you should never do when attempting to buy a home. Steer clear of these items and you’ll likely be setting yourself up for success.

  • Shopping First, Mortgage Second. Before you start shopping for a home, visit with a lending officer first. That way you won’t fall in love with a house that you eventually find you can’t afford. Also, getting prequalified for a mortgage shows sellers that you mean business and will go a long way toward getting those keys.
  • Talking With Just One Lender. Just like any big purchase, you should shop around for a mortgage. Make sure that you talk with at least three lenders, so you can compare rates, fees and terms. As Money notes, remember to consider your relationship to the bank or credit union itself. If their customer service is poor, move on.
  • Forgetting to Plan. The time between when you decide to buy a house and when you actually buy it should not go by quickly. Be sure to plan well ahead, so that you can have enough savings, fix items on your credit report and much more.
  • Depleting Your Savings. Don’t drain all of your savings just to buy a home. Create a budget that sets you up to put as much of a down payment on the house as you can while still leaving some in your savings. If you can’t quite make the 20 percent down payment and need to pay for mortgage insurance, that’s still better than having absolutely nothing in a savings account.
  • Focusing Only On the House. The house is important, but so is the neighborhood. Remember to consider the house’s location when shopping around, so you don’t end up regretting your purchase.
  • Articles
    Rates Look Like They’re Headed Down.  Is It Time To Refi Your Mortgage?
    Rates Look Like They’re Headed Down. Is It Time To Refi Your Mortgage?

    You may have heard the term “refinance” many times over the years, but what does it mean, exactly? Whenever you refinance your mo...

    Read More

    Protect Your House
    Protect Your House

    Recently, more than 800 million mortgage-related files were leaked by title insurance company First American Financial Corporatio...

    Read More

    One Third Of College Students Have Credit Card Debt Of $1,000 Or More
    One Third Of College Students Have Credit Card Debt Of $1,000 Or More

    Avoiding credit card debt is a critical component to smartly managing your money. Yet for some college students, it’s already too...

    Read More

    Journey To Launch: 5 Things Your College Kids Need To Master To Get To Independence
    Journey To Launch: 5 Things Your College Kids Need To Master To Get To Independence

    Student loan debt in 2019 reached a new high — $1.5 trillion to be exact. As if that figure weren’t eye-popping enough, consider ...

    Read More

    The Pathway to Mortgage Pre-Approval
    The Pathway to Mortgage Pre-Approval

    One key to snagging the house of your dreams is to be pre-approved for a mortgage. When sellers see a pre-approval note, they kno...

    Read More

    Car Crisis
    Car Crisis

    If you’re struggling making your auto loan payments on time, you’re not alone. A new report from the Federal Reserve Bank of New ...

    Read More

    Four Reasons You’re Still Dealing With Debt
    Four Reasons You’re Still Dealing With Debt

    According to a report from Northwestern Mutual, in 2018, the average American had $38,000 in personal debt. That signifies people...

    Read More

    Tough Talk
    Tough Talk

    According to a new report, few things in life make people more uncomfortable than discussing credit card debt. In fact, as crazy ...

    Read More

    Piling On
    Piling On

    The next time you’re shopping for a car, beware of “the box.” That, according to an anonymous salesperson who spoke with The Wall...

    Read More

    Website Terms of Service

    Please read these "Website Terms of Service" carefully before using SavvyMoney Checkup ("site", "website"). Accessing this site, or making this site available to any third party, indicates that you have read and accept these terms.

    1. Materials. Materials in this site are copyrighted and all rights are reserved. Text, graphics, databases, HTML code, and other intellectual property are protected by US and International Copyright Laws, and may not be copied, reprinted, published, reengineered, translated, hosted, or otherwise distributed by any means without explicit permission.
    2. Links to Third-Party Sites. Linked, third-party sites from website are not under the control of the Licensor. The Licensor is not responsible for the contents of any linked site or any link contained in a linked site, or any changes or updates to such sites.
    3. Confidentiality of Codes, Passwords and Information. Licensee agrees to treat as strictly private and confidential any username, password, user ID, and all information to which you have access through password-protected areas of website.
    4. Maintenance. Licensor shall provide Licensee any new, corrected or enhanced version of the site as it becomes available. Such enhancement shall include all modifications to the site which increase the speed, efficiency or ease of use of the site, or add additional capabilities or functionality to the site, but shall not include any substantially new or rewritten version of the site.
    5. Limitation of Liability. Licensor shall not be responsible for, and shall not pay, any amount of incidental, consequential, or other indirect damages, whether based on lost revenue or otherwise, regardless of whether Licensor was advised of the possibility of such losses in advance. In no event shall Licensor's liability exceed the amount of license fees paid by Licensee, regardless of whether Licensee's claim is based on contract, tort, strict liability, product liability or otherwise.