8 Common Mortgages Mistakes that First-Time Homebuyers Make

If it’s your first time buying a home, the process can definitely be overwhelming!

Here’s a list of 10 common mortgage mistakes most first time homebuyers make:

1. Thinking you won’t qualify for a mortgage.
2. Not knowing all the down payment choices.
3. Focusing too much on the interest rate, rather than the overall solution.
4. Being unrealistic about how much you can afford to pay for your home.
5. Not considering a mortgage pre-approval.
6. Not choosing your own mortgage payments schedule.
7. Forgetting about closing costs (professional home inspection, lawyer fees, property transfer tax, property taxes, utility bills, property insurance, moving costs, ongoing costs like heating, electricity, repairs, strata fees, taxes).
8. Not knowing your credit rating.
9. Asking questions about the penalty on your mortgage.
10. Understanding how a variable or fixed rate could impact your financial future.

Good idea to chat with mortgage professionals to learn to avoid these and save money and get into a home you own faster!

(originally posted October 25, 2013, updated May 16, 2016)