There are several things that can and do often send homebuyers off the rails during the homebuying process, but CNNMoney.com whittles down the list of the most common pitfalls to six:

1. Not knowing your credit score
2. Buying a car before a house
3. Skimping on home inspection
4. No lawyer
5. No contingencies
6. Not budgeting from insurance

Remember to also check out our “First-time Homebuyer Program” Webinar to ensure that your experience is the best it can possibly be … it’s well worth it.

Avoid costly mistakes now and in the future!

Remember: You need to get a deal in the works by this Friday, April 30, 2010, and close by June 30, 2010, to be eligible for the first time ($8,000) or existing ($6,500) tax credits.

Of course, the limited-time blog reader special discount on our FREE 7-Day Trial is also set to expire at the end of this month.

Hurry!

Be sure to act fast because the best deals — and these incentives — won’t last much longer! Search now.

Finding the best mortgage rate is just as important (if not more) as settling in the perfect house.

That’s because the loan amount and correlating interest rate will determine the monthly payments that you will be obligated to make over the next 15, 30 or even 40 years.

Therefore, it’s always wise to get preapproved for a mortgage before you start your house hunt. This way you know your financial limits and don’t stretch beyond them when touring properties available for sale.

In fact, most real estate agents strongly recommend that you are preapproved before they start providing you with potential opportunities because it helps them narrow their searches.

One nice thing about mortgage shopping right now is the super low rates. However, we can all but guarantee that these rock-bottom rates won’t last much longer.

Strike while the iron is hot!

The March 2010 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which details everything you need to know about “Shopping for a mortgage.”

It is designed to get you familiar with your mortgage options so that you’re on the ball when you do find that once-in-a-lifetime property. You’ll also get handy tips to make your credit squeaky clean before you apply.

So check out “Shopping for a mortgage” today so you’re in a position to get the best terms possible.

To read this month’s free educational newsletter from Foreclosure.com CLICK HERE.

To rent or to own, that is the question.

In theory, buying is always better than renting because at some point you will own your house outright whereas renters are perpetually filling the pockets of others.

In reality, it can be tough to make the leap from renter to owner.

That’s because there is a lot on the line — there are several unknown factors that can and often do influence these types of decisions:

Do you have a big enough down payment? Will you qualify for a mortgage? Can you afford maintenance? For how long do you plan to hang on to the property?

The Feb. 2010 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which details everything you need to know about “Rent vs. Own.”

Our goal is to get you thinking about this important decision sooner rather than later. The housing market is still extremely buyer friendly right now — interest rates are still low, limited-time government incentives are still available until April 30, 2010 and chances are good that prices in your area have never been better.

On the flip side, buying a home or investment property is still one of the biggest decisions you will ever make. So you still need to consider all the pros and cons before jumping in head first.

So check out “Rent vs. Own” today so you can decide whether or not a home purchase or lease is in your best interests.

To read this month’s free educational newsletter from Foreclosure.com CLICK HERE.

And it’s not just because of the desert heat, according to the Wall Street Journal:

“Bargain hunters here and in many other metropolitan areas are up against a paradox. By far the biggest wave of foreclosures since the Great Depression was expected to be a bonanza for anyone with cash or the ability to get a loan. But prospective home buyers say it is increasingly difficult to find foreclosed homes at attractive prices in desirable neighborhoods. Supply is shrinking largely because of federal and state efforts to help millions of distressed homeowners avert foreclosure, which have delayed many likely foreclosures, keeping the homes off the market for now. The bargain chase is even tougher for those buying with a loan. Investors with cash have an advantage in that their offers aren’t conditional on obtaining a loan so banks often prefer selling to them than taking the risk that another offer will fall through. They are also often quick to react when bargains appear.”

We’ve said it before and we’ll say it again — the best deals often get cherry-picked as soon as they hit the market by savvy investors and/or dedicated house hunters.

Yes, there is more distressed inventory from which to choose these days, but just because a property is classified as a “foreclosure” or “short sale” doesn’t mean it’s bonafide beauty right off the bat.

Finding the best home deals in your area, and then having the ability to move in on them faster than anyone else,  often takes a little bit of homework, preparation, persistence and luck.

A great way to get started is to sign up for our FREE daily foreclosure e-mail alerts. We conveniently deliver all the best deals, depending on the property type(s) and zip code(s) that you select, directly to your inbox.

Of course, you can also search foreclosures in Las Vegas and beyond right now with the limited-time blog reader special discount on our FREE 7-Day Trial.

Hurry!