Buying your first home is one of the most exciting—and overwhelming—milestones in life. Between Pinterest boards and open houses, it’s easy to get swept up in the dream… and overlook the details. As a mortgage professional, I’ve seen where first-time buyers stumble—and how a little preparation can save a lot of stress (and money). Here are the top five mistakes first-time homebuyers make—and how to avoid them.
1. Not Getting Pre-Approved First
The Mistake: Shopping for a home before securing a mortgage pre-approval.
Why It’s a Problem: Without a clear idea of your budget, you risk falling in love with a home you can’t afford—or missing out on one because you're not ready to make a serious offer.
How to Avoid It:
Start with a mortgage pre-approval. It shows sellers you’re serious and gives you a realistic price range based on your income, credit, and debt-to-income ratio.
2. Underestimating the True Cost of Homeownership
The Mistake: Focusing only on the mortgage payment and ignoring other expenses.
Why It’s a Problem: Property taxes, homeowners' insurance, maintenance, HOA fees, and utilities add up fast. This can stretch your budget thinner than expected.
How to Avoid It:
Ask your lender and real estate agent for a full cost breakdown of homeownership, not just your monthly mortgage. Set aside an emergency fund for unexpected repairs.
3. Emptying Your Savings for the Down Payment
The Mistake: Using all your savings to put down as much as possible.
Why It’s a Problem: Without a financial cushion, you may struggle to cover closing costs, move-in expenses, or post-purchase surprises like a broken water heater.
How to Avoid It:
Work with a lender who helps you find low down payment options (FHA, VA, USDA, or first-time buyer programs). Keep some savings in reserve for peace of mind.
4. Making Big Financial Changes Before Closing
The Mistake: Financing a new car, switching jobs, or racking up credit card debt during the loan process.
Why It’s a Problem: Your lender will re-check your finances before closing. Any major changes could delay or even cancel your loan approval.
How to Avoid It:
Follow the golden rule: don’t touch your credit or finances until after closing. If you’re unsure whether something could affect your loan, ask your lender first.
5. Skipping the Home Inspection
The Mistake: Waiving the inspection to make a more competitive offer.
Why It’s a Problem: You could end up with costly repairs that weren’t visible during the walk-through—foundation issues, plumbing leaks, mold, or outdated electrical systems.
How to Avoid It:
Always get a home inspection—even if it’s optional. If issues are found, you may be able to negotiate repairs or walk away before it’s too late.
Buying your first home doesn’t have to be scary—it just takes the right guidance. By avoiding these common mistakes, you’ll be one step closer to moving into a home you love without regrets.
📩 Have questions or ready to get pre-approved? Let’s chat—I’m here to help make your first home purchase smooth and stress-free.
