Top 10 Mistakes First Time Homebuyers Make

1. Incorrectly timing your move

The best time to close on a house is when your current lease ends. If you can't time your closing correctly, approach your landlord about a shorter, or month-to-month lease.

2. Looking at a home you can't afford

Get prequalified or preapproved by a lender.

3. Buying the wrong size home

Before you buy property, think about how long you intend to live there and allow for significant changes in your lifestyle.

4. Buying in a neighborhood you know nothing about

Spend time in the neighborhood before you buy there.

5. Operating on a first-house-is-best basis

Do not make impulse decisions.

6. Buying a property that's difficult to resell

Before you buy a home, think about how you would sell it.

7. Overextending your budget

Understand how you spend all of your money before buying.

8. Being Indecisive

Don't lose potential homes due to fear of making a decision.

9. Choosing the wrong mortgage

Explore more mortgage options than the traditional 30-year fixed rate mortgage.

10. Underinsuring the property

Don't forget to increase insurance coverage as the home increases in value and don't forget the contents of the home.