Not too many buyers understand this, but did you know there's a difference between being prequalified and preapproved for a mortgage loan? Understanding this distinction can make a difference in whether you get the home you want or not, in some cases. You'll have a distinct advantage over other buyers if you understand the difference and get your loan docs in order before shopping for a home.

Believe it or not, not all sellers are motivated to sell their home. There are a number of reasons for a seller's reluctance to part with their home. Some sellers have unrealistic price expectation, and no pressing desire to close a deal. In these cases, it is often best to avoid these kinds of sellers, because just as a seller needs to trust that you will carry out your agreement to close in good faith, you have to have the same confidence in the seller.

If you are planning on buying an Albuquerque home there are some simple pitfalls that you should avoid. Here are the five top mistakes buyers make.

Mistake #1

Mistake number one is not knowing how much mortgage you can afford before you make an offer. The easiest way to avoid this mistake is to get pre-approved for a mortgage by a lender so you know in advance exactly how much you can afford. Most pre-approvals are free and it will give you a basis to make a more informed purchasing decision when you find the house you like.