Buying a home is the biggest purchase most people will ever make, yet many go into it unprepared. Here are the 6 most common, and costly, mistakes homebuyers make:
#1. Not knowing your credit score
If you're considering buying a home, find out exactly what your FICO score is. If you find it is less than ideal, make plans to raise it. Too many borrowers ignore this step and are surprised when they get interest rate quotes. The lower your score, the higher your costs of borrowing. Fannie Mae and Freddie Mac, for example, charge higher up-front fees to borrowers with credit scores below 740.
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