Do this when seeking a mortgage and you could save $430 the first year

Comparison shopping shouldn’t stop there.

Prospective home buyers should also use an online home affordability calculator to better understand how their salary and monthly debt payments will affect their bottom line, according to Lewis.

In addition, you should be sure to ask plenty of questions when looking at a new neighborhood and home, he said.

“Ask a real estate agent and fellow home owners in that area, ‘How much should I expect to pay for taxes, insurance, maintenance and repairs?'” Lewis said.

More from Personal Finance:
Buying a home for the first time? Avoid these mistakes
More people put off home buying because of student debt: Survey
Buying or selling a house? Ask your agent if they working in your best interest

Doing that research ahead of time will help avoid what you don’t want: a case of buyer’s remorse.

NerdWallet’s survey found that 25 percent of homeowners said they felt financially insecure after buying their current home. First-time home buyers were more likely to lack confidence, with 34 percent agreeing with that statement.

NerdWallet’s most recent home buyer survey was conducted online in January. It included 2,029 adults ages 18 and up.

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