1. Once You Are Pre-Approved You Automatically Get the Loan - Nope. If you have a major purchase or pull your credit in the middle of a transaction, that could throw everything off. You need to be careful during this time.
2. You Should Buy a Home at the Top of Your Price Range - Just because the bank says you can afford doesn't make it so. The bank doesn't know how much you like to go out or travel or little things you may have in your budget, so keep to the budget you know you can afford so you don't make yourself "house poor".
3. You Always get a 30 year Fixed Rate Mortgage - Not true. If you are only going to live somewhere a short time, some other adjustable rate may work for your and your situation. It all depends on what your needs are.
4. You Should Always Get a Loan with the Lowest Interest Rate - Not true. Some lenders may have some extra fees that may end up costing you more in the long run. You need to look at different loan products to find what is actually the best one for you.
5. You Shouldn't Buy Until You Find Your Dream House - Inventory is low and chances are you won't find a home that checks every single box on your dream home list! Prioritize what features are most important to you in a home and then try to meet some of those in your home search.
6. It' Smarter and Cheaper to Buy a Fixer Upper - Not true. By the time you spend the money on all the things that need to be fixed, not only will that cost you more, but it may be things that really don't add a ton of value in themselves because they are standard features in a home anyway. Especially if you buy one and stay in it for years and have other issues with it. Also the price of materials is really high right now, so it might just be better to spend a bit extra on the front end instead of waiting to find out what all the costs will be on the other side of a fixer upper.
7. The Listing Price is What You Should Expect to Pay - Not right now. In fact, right now you need to be prepared to pay OVER the listing price! There are way more buyers than houses in the market and if you want to be able to compete with other buyers for a home, you need to have a plan as to how much you can pay over in price.