15 Stupid and Expensive Mistakes Home Buyers Make All the Time

Here’s what else you should avoid if you want to buy a home but not make expensive mistakes

Being informed is key in every aspect of life, more so when it comes to major life decisions like purchasing a home. The more information you have, the fewer chances of making mistakes that might cost you money.

Not having the right mortgage

If your intention is to move into your new home in a few years, then an adjustable-rate mortgage (ARM) might work just but if you want to avoid any unpleasant situation, a fixed-rate mortgage with a rate of interest that does not change throughout the life of the loan, is the safest option in the long-term.

Making a low down-payment

If you put less than 20 percent down, you’ll be more likely to pay mortgage insurance, an amount that should definitely not be ignored. To have an idea of how much you’d have to pay, for every $100,000 you borrow, expect a mortgage payment of up to $70 per month.

See also: 20 Surprising Ways to Cut Costs On Every Aspect of Your Home