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(BPT) - When it comes to buying your first home, a lack of knowledge and experience can lead to costly mistakes. One in four first-time homebuyers say they are completely unfamiliar with the mortgage financing process, according to a report by the Consumer Financial Protection Bureau (CFPB). Even among those with an understanding of the overall process, the report found that many first-time homebuyers still had significant knowledge gaps in important areas such as available mortgage rates, closing costs, down-payment requirements and income required to qualify for a loan.
First-time homebuyers can become mortgage-ready with these tips.
1. Adjust your budget. A mortgage payment can increase your monthly housing expenses, so prep...
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