Buying a first home involves a lot of moving parts, and a few common mistakes can end up costing buyers time and money.
Skipping mortgage pre-approval is a frequent misstep – without it, you don’t have a clear budget, and sellers may not take your offer seriously in a competitive market.
Underestimating additional costs beyond the purchase price – closing costs, moving expenses, property taxes, and maintenance – can strain a budget that only accounted for the down payment.
Waiving inspections to make an offer more competitive can save time upfront but risks missing costly issues with the property’s condition.
Finally, making large purchases or opening new credit accounts between pre-approval and closing can affect your debt-to-income ratio and jeopardize final loan approval.