10 Mistakes To Avoid
When Financing A Home

Buying and financing a home is the most important personal financial decision an individual will make in their lifetime. Over a lifetime, the average homeowner may pay one-half of a million dollars or more in mortgage interest—many times more than any other single expense. In addition,  much of the wealth of the nation lies in real estate. Over two-thirds of American families own their own home, while our country has the lowest savings rate in the industrialized world.

As significant as these statistics are, the process and substance of home finance remains a mystery to the average American. We tend to know much more about our automobiles and the loans that finance these vehicles than we do about mortgages that make our home purchase possible. How many  Americans are familiar with the formulas for mortgage qualification or the workings of adjustable rate mortgages? Because of our unfamiliarity, many Americans pay too much for their mortgages or have no  idea if they are making the right decision in relation to their personal financial situation. We tend to pay too much because we tend to make up to ten essential mistakes when involved in the homebuying process:

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