Mistake #5: Not having sufficient funds at time of closing

Many homeowners underestimate the costs associated with finalizing their loan transaction and moving into the home. This results in a lack of funds for monthly expenses and the first month's mortgage payment.

Be sure to budget for these costs and related expenses. These funds should be available when you start house-hunting in earnest. Your loan approval will happen very quickly and your loan should close in 45 days depending on the conditions you place on the seller.