MADISON, Wis. (9/13/13)--First-time homebuyers got some advice from the Credit Union National Association in Wednesday's U.S. News & World Report
about what not to do when buying a home.
One mistake homebuyers should avoid is delaying the buying process in hopes of obtaining a better rate, said Mike Schenk, CUNA's vice president of economics and statistics, in the article "Here's How A New House Goes From 'Solid Investment' To 'Worst Decision Ever.'"
Adjustable rates are now at rock bottom at 3%, Schenk said. If a homebuyer is ready to make the commitment, talk to a lender about securing a loan at an adjustable rate instead of a fixed rate, the article said.
Other mistakes first-time homebuyers make, said the article, include:
Searching for the dream home before getting prequalified for a loan;
Thinking short-term, instead of about the resale value of the home;
Making an emotional decision that ignores problems; and
Overlooking hidden costs, such as maintenance, utilities and property taxes.
The article also appeared in Businessinsider.com
. Use the link to access the full article.