For most people, their wedding is a magical time, full of enchantment and wonder. But sadly, during that time, the bride and groom often try to make life plans at the same time they're planning their special day. This can cause important issues to get missed or pushed under the rug.

One of the most common things couples often discuss when planning their wedding is buying their first home. Now, I don't have to tell you that buying a home is a topic best dealt with on its own, but when the love bug bites, it can often make its way into the wedding preparations. This is a huge mistake. In fact, this type of mass newlywed hysteria can cause some couples to make very costly mistakes when they decide to purchase their home.

Buying a house is a major investment that requires your attention, time, and money. So, for starters, you should make sure you're prepared to take on the challenge. Then, you need to make yourself aware of the pitfalls that many newlywed home buyers has come across. Here are some mistakes to avoid.

Failing to Budget

One of the first steps couples should make when buying a home is determining how much money they have to reasonably spend on a home. Too many couples have no idea what they can afford and start looking at homes that are out of their price range. As a result, they can end up digging themselves a hole. Either they won't get approved for a loan or they will be unable to make their monthly mortgage payments.

What newlyweds should do is figure out how much they can afford in a down payment and how much they can spend in mortgage payments on a monthly basis.

Neglecting to Get a Pre-Approved Loan

Many newlyweds believe that they should find a house first and then worry about financing. But you should actually get pre-approved for a home loan before you pick out the home you'd like to buy. Real estate experts suggest doing this as a way of convincing home sellers that you're serious and trustworthy. Without the pre-approved loan, they might not approve your offer over someone else's.

Being Unaware of Credit Checks

As newlyweds, you might be bogged down with student loans, car loans, and credit card debt, all of which can create a problem for you when you try to get that pre-approved home loan. You should check your credit score (which you can do easily for free on various Web sites, such as Annual Credit Report). Credit scores, which indicate how likely you are to pay your bills on time, range between 300 and 850. Any score below 700 could use improvement, according to gotcredit.com. Your aim should be to pay off debts and to avoid spending more than you have. If your credit score is not where it should be, and you have too many debts, you might consider waiting to buy a home. Pay things off and save up and then seek a home later. It could make your life and finances less complicated.

 

Buying your first home is an exciting, yet daunting affair. Don't short change the process or you could find yourself spending much more on your mortgage than you should. Keep the wedding plans separate from the home buying dreams and by giving each their own due, you'll find much more happiness and fulfillment in each of these life changing events.