To help you out, then, we offer these top 5 mistakes buyers make when buying a  house in Cumming. But it sometimes turns out that after all that time and energy invested in home shopping, they find out that they can’t qualify for as much financing as they need to buy that dream home. Also, they may indeed be able to qualify for the needed mortgage, but without getting preapproved, they lose a lot of negotiating leverage.“You might,” as top industry pros put it, “know that you’ll be approved for a mortgage loan based on your steady income, your low debt-to-income ratio, and your high credit score – but the seller probably doesn’t know that. Preapproval involves submitting a mortgage application, complete with providing verifying documents. Or, even worse in this case, if you fall on hard financial times, you might lose the home altogether, In calculating affordability you have to factor in a lot more than just the monthly mortgage payment. There are many “hidden” costs involved in buying a home, for example: Closing costs Private mortgage insurance Homeowners insurance Property taxes HOA fees Maintenance and repairs To get a good handle on what purchasing the home will really cost and whether you can actually afford it, talk to your local real estate agent.