Avoid These 9 Common Mistakes When House Hunting

Avoid These 9 Common Mistakes When House Hunting

Avoid These 9 Common Mistakes When House Hunting

Buying a home is probably the biggest purchase you’ll ever make. There are several ways you can go down the wrong path and end up paying for those mistakes for years.

No pressure, right? Never fear, because we’re going to make you aware of the nine biggest mistakes to avoid while you are house hunting.

  1. Failing to Get Pre-Approved

Proactively meet with a mortgage company near you and get pre-approved. It helps you know how much house you can afford and shows sellers you’re serious about buying. Don’t miss this step!

  1. Forgetting to Pull Your Credit

The sooner you can pinpoint potential credit issues, the more time you have to address them. Pull your credit report from all three credit bureaus — Equifax, Experian and Transunion — and go over the reports line by line. If there are any mistakes or accounts that aren’t yours, dispute them with the credit bureaus immediately. You can get your credit report for free once a year from

  1. Shopping Outside of Your Budget

It wouldn’t hurt to just walk through that gorgeous house that’s 50k over budget, right? Yes. Yes, it would. Homes within your budget that you would have otherwise loved may not seem so impressive after wandering through out-of-reach luxury properties. Don’t do this to yourself.

  1. Ignoring Your Work Commute

You’ll be living in the property you buy every day, so it should be convenient to where you work. Adding an hour each way to your commute is going to be a real drag once the newness wears off your place. Keep convenience in mind during your house hunting process.

  1. Making a Big Purchase

Let’s go ahead and get new furniture or go on a big trip before we move! No, don’t do it. These expenditures could throw off your credit score (if you charge them). The money could instead be put toward your down payment, which benefits you long-term in lower monthly payments for the life of the loan.

  1. Overestimating Your Handiness

You can often get a great price on a fixer-upper, which is a steal — unless you can barely change a light bulb. Incorrectly assuming you’ll be able to do lots of the renovations yourself can set you up for the big cost of (eventually) hiring a professional.

  1. Not Taking Your Lifestyle into Account

If you have a couple of big dogs, a fourth floor condo is probably a bad idea. Don’t fail to consider your hobbies and lifestyle when you’re house hunting or your new property could end up cramping your style.

  1. Sticking It Out With a Bad Real Estate Agent

Does your agent show you homes that don’t fit your preferences, fail to call you back, or act dismissive about your questions? Buh-bye. Find an agent who will function as your partner in this venture.

  1. Skipping a Home Inspection

There may be huge, costly issues lurking in the attic, walls or basement of the property that you won’t ever uncover by yourself. Springing for a professional inspector can save you literally thousands of dollars and tons of headaches down the road.

Avoid these common mistakes while house hunting to ensure you make the best choice. Contact MIG to get pre-approved for a mortgage to start the homebuying process the right way.


Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020