Even More Common Home Buying Mistakes

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

1st point: Skipping the fine print

Buyers sometimes sign documents without understanding them. A good loan officer or agent will explain everything. Don't be afraid to ask questions.

2nd point: Draining your savings for the down payment

It may make sense to make a smaller down payment and pay mortgage insurance. MI rates can be surprisingly low with good credit. Keep some savings for unexpected expenses.

3rd point: Taking a cash advance

You can't borrow the money for your down payment or closing costs. This restriction includes cash advances on your credit cards.

4th point: Changing jobs

A new job or change in pay structure can complicate loan approval. Always talk to your lender before you make a change.

Last point: Forgetting about move-in expenses

Once you get the keys, you'll still have setup costs: utilities, movers, maybe furniture and appliances. Create a move-in fund so you're not running up a bunch of credit card debt.