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4 big money mistakes of first-time homebuyers

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Avoid these 4 errors
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Avoid these 4 errors © iStock

Avoid these 4 errors

First-time homebuyers almost always make a few mistakes when buying their home. Perhaps they pay too much, choose the wrong type of mortgage or neglect to budget for needed home improvements.

Working with a trustworthy, experienced lender can help prevent such mistakes. But consumers also need to take responsibility for their budgets and choices.

"Before buying a home, consumers need to develop a short- and long-term perspective on their purchase," says Michael Harrison, regional manager at U.S. Bank Home Mortgage.

Lookup the lowest mortgage rates

Following are the four biggest financial mistakes of first-time homebuyers:

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