Buying your first home is one of the most exciting—and nerve-wracking—milestones in life. With so much information to digest and decisions to make, it’s easy to stumble along the way. As a mortgage professional, I’ve seen firsthand how a few common missteps can cost buyers time, money, and peace of mind. Here are seven major mistakes to avoid as a first-time homebuyer:

1. Skipping Pre-Approval

Many buyers start house hunting before speaking with a mortgage broker. This can lead to disappointment if you fall in love with a home outside your budget. Getting pre-approved gives you a clear idea of what you can afford and strengthens your offer when you’re ready to make a move.

2. Underestimating Closing Costs

It’s not just the down payment you need to save for—there are legal fees, land transfer taxes, home inspections, and more. Budgeting 1.5%–4% of the purchase price for closing costs can help you avoid last-minute financial stress.

3. Focusing Only on the Purchase Price

Monthly mortgage payments are important, but they’re not the whole picture. Don’t forget to consider property taxes, insurance, utilities, and potential maintenance or condo fees when calculating affordability.

4. Making Big Financial Changes Before Closing

After you’ve been pre-approved, avoid changing jobs, taking on new debt, or making large purchases like a car. These moves can affect your credit and loan qualification before your mortgage is finalized.

5. Not Using a Real Estate Agent

Buying privately or relying on the seller’s agent can put you at a disadvantage. A buyer’s agent works in your best interest, helps with negotiations, and often costs you nothing (as the seller usually pays the commission).

6. Waiving Conditions Without Caution

In hot markets, buyers feel pressured to waive financing or inspection conditions. This can be risky. Always consult your mortgage broker or real estate agent before making such decisions—especially as a first-time buyer.

7. Letting Emotions Take Over

It’s easy to get attached to a home that looks perfect, but be sure it also fits your long-term goals and budget. Avoid bidding wars that push you beyond your comfort zone or cause you to overlook red flags.


Final Thoughts

Being a first-time buyer is a big step, but you don’t have to go it alone. Partnering with a knowledgeable mortgage broker and real estate agent can help you avoid costly mistakes and feel confident in your decision.

Have questions or ready to start your homeownership journey? Let’s connect—I’m here to help every step of the way.