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:
- Thinking you won’t qualify for a mortgage.
- Not knowing all the down payment choices.
- Focusing too much on the interest rate, rather than the overall solution.
- Being unrealistic about how much you can afford to pay for your home.
- Not considering a mortgage pre-approval.
- Not choosing your own mortgage payments schedule.
- 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).
- Not knowing your credit rating.
- Asking questions about the penalty on your mortgage.
- 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)