Buying your first home is exciting—but also overwhelming.
If you’re not careful, simple mistakes can cost you thousands, delay your move, or even cause you to lose out on your dream home. In this blog, we’ll break down the biggest mistakes first-time home buyers make—and how to avoid them.

Mistake #1: Not Talking to a Lender First

Too many buyers assume they know how much home they can afford, only to realize too late that they were way off. The first step in the home-buying process should always be consulting a lender. A good lender will assess your financial situation—including income, credit score, and debt—to determine how much home you can truly afford.

Mistake #2: Believing the 20% Down Payment Myth

Many buyers still believe they need 20% down to buy a home. This simply isn’t true! There are loan programs that allow for as little as 3% down, and some even offer first-time home buyer assistance programs to help cover costs.

Mistake #3: Ignoring Insurance Costs & Home Maintenance

Affordability isn’t just about the mortgage payment. First-time buyers often forget about home insurance, maintenance, and repairs. For example, a home without hurricane protection in Florida could result in sky-high insurance costs. Always factor in these expenses before making a decision.

Mistake #4: Lowballing the Offer Just to “See What Happens”

Offering way below market value can backfire. Sellers may see it as an insult and refuse to negotiate, which could cost you the home. Instead, work with a real estate professional to make an informed offer based on market data.

Mistake #5: Taking Advice from the Wrong People

Friends and family mean well, but unless they’re real estate professionals, their advice could do more harm than good. Lean on experienced realtors and lenders who know your local market.

The Game-Changing Tip You Need to Know

Work with a local lender who understands your market. Big-box lenders may promise low rates but often lack the knowledge and customer service needed to close your deal smoothly. A local lender has skin in the game and will go the extra mile to ensure a stress-free process.

Final Thoughts

Buying a home is one of the biggest financial decisions you’ll ever make. Avoid these common mistakes, and you’ll be on your way to homeownership with confidence! Need expert advice? Contact Morgan Financial today to get started.

📞 Need expert mortgage advice? Contact Morgan Financial today!

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