5 Mistakes First-Time Homebuyers Make (and How to Avoid Them)

Buying your first home is exciting — but it can also feel overwhelming. Between figuring out your budget, getting approved for a mortgage, and house hunting, there are a lot of moving parts. As a mortgage broker, I’ve seen many first-time buyers make avoidable mistakes that end up costing them time and money. Let’s go through the 5 biggest mistakes first-time homebuyers make — and how to avoid them.

1. Skipping Pre-Approval

One of the most common missteps is starting the home search without knowing how much you can actually afford. A pre-approval not only gives you a clear budget but also shows sellers that you’re a serious buyer. How to avoid it: Speak with a mortgage broker before you start looking at homes. I’ll shop around to find your maximum budget and secure a pre-approval that sets you up for success.

2. Underestimating Closing Costs

Down payments get all the attention, but closing costs — like legal fees, land transfer tax, and title insurance — can add up to 2–5% of the home price. How to avoid it: Budget for closing costs early. I can provide a checklist so you know exactly what to expect.

3. Overlooking Credit Health

Your credit score plays a big role in your mortgage rate and approval. Missing payments or using too much of your available credit can hurt your chances. How to avoid it: Check your credit score before applying and clear up any issues. I can offer tips to boost your score if needed.

4. Stretching the Budget Too Far

It’s tempting to max out your approval amount — but just because you can borrow a certain amount doesn’t mean you should. How to avoid it: Consider your lifestyle, savings goals, and potential changes (like starting a family). I’ll help you find a mortgage that’s comfortable, not stressful.

5. Not Comparing Mortgage Options

Many buyers go straight to their bank without realizing better rates and terms are out there. How to avoid it: Use a mortgage broker — I have access to multiple lenders and can find the deal that suits you best, often at no cost to you.

Thinking about buying your first home? Let me guide you through the process and take the stress off your shoulders. Send me a message today to start your pre-approval!