Buying your first home? Avoid these common mortgage mistakes first-time homebuyers make and save money, time, and stress.

Learning the Hard Way—Or the Smart Way

Buying your first home should be exciting, not overwhelming. Unfortunately, many first-time buyers fall into avoidable traps. Learning what not to do can save you from costly setbacks.

Mistake #1: Not Knowing Your Budget

Many buyers look at homes before understanding how much they can actually afford.

• 🛠 Fix it: Use a mortgage calculator and get pre-approved.

Mistake #2: Skipping the Credit Check

Low credit can mean higher rates—or denial.

• 🛠 Fix it: Check your credit report 6 months ahead. Dispute errors and pay down debts.

Mistake #3: Draining All Savings for Down Payment

Some buyers go all in on their down payment, leaving nothing for emergencies.

• 🛠 Fix it: Keep 3–6 months of expenses in reserve after closing.

Mistake #4: Ignoring Loan Options

There’s more than just conventional loans—FHA, VA, and USDA could be better fits.

• 🛠 Fix it: Talk to a mortgage advisor about all options.

Mistake #5: Making Financial Changes Mid-Process

Switching jobs or financing a new car can kill your approval.

• 🛠 Fix it: Wait until after closing for major changes.

Conclusion

Your first mortgage doesn’t have to be a minefield. Avoiding these common mistakes will get you to the closing table with confidence—and maybe even save you thousands.