Buying a home comes with a lot of decisions. It can be a pretty intimidating process for first-timers but we believe that buying your first home should be exciting, not stressful. That’s why we want to help. 

These are the top five mistakes first-timers make when buying a home for the first time (and how to avoid making them):

Mistake #1: Getting emotionally attached

You found a place that’s perfect for you? Great! Unfortunately, loving a house doesn’t guarantee that you’ll get it. Buying a home is a negotiation. There’s always a risk that someone could make an offer before you, or your offer could get rejected. You might also pay more than you should or make bad decisions just because you’re attached to the house. Stay strong, stay focused.

Mistake #2: Newer means better

There’s no denying that new homes are nicer. The updated appliances, granite countertops, kitchen island, in-ground pool, and hardwood floors sure are nifty but they come with a hefty price tag. Consider compromising. You end up spending less money if you buy a fixer-upper and do the renovations yourself. Look past the cheetah print wallpaper and shag carpet. Try to recognize the potential in the house.

Mistake #3: Not hiring a real estate agent

Real estate agents make the biggest difference when it comes to house-hunting. Rather than going to dozens of open houses alone, hire a real estate agent. These pros will help you avoid wasting time by showing you places that work for your budget and lifestyle. They’ll also act as your representative and make sure you pay a fair price for your home during negotiations. What’s not to love?

Mistake #4: Skipping the home inspection

Just because your new home looks fine, doesn’t mean it is. Looks can be deceiving, which is why a home inspection is a necessity. A home inspection will let you know whether the property is truly worth the price tag. You’ll also get a heads up about repairs that may need to be done in the future.

Mistake #5: Not getting pre-approved

Getting pre-approved before you even start your house-hunting journey will make your life a whole lot easier. Not only will you know your borrowing capacity, you’ll be able to plan your monthly payments, and get more credibility as a buyer. You’ll save time by only looking at houses that are in your budget. Mortgage brokers make it their mission to find you the best rate on the market. Banks typically only offer their in-house mortgage products.

If you do these five things, buying your first home could go off without a hitch. Especially if we do #5 together. At MortgagesMadeEasy.com, that’s all we do. You can use our secure online form to apply for your mortgage pre-approval. We’ll get back to you on the same day with a mortgage tailored to your specific situation. 

Questions? Book a free consultation. We’ll gladly walk you through the process and explain everything you need to know to buy your dream home.

We often associate mortgages with banks. Many of our parents got their mortgage from a bank and their parents also got their mortgage from a bank. But are banks the only place to shop for a mortgage? Nope. Enter the mortgage broker.

Mortgage brokers are licensed specialists who work for you. They help home buyers choose the best mortgage option from a variety of lenders. This is one of the key differences between a big bank and a mortgage broker: variety.

More options, more savings

While banks can only offer you their in-house mortgage products, a mortgage broker has access to multiple lenders. With more options to choose from, a mortgage broker is able to find you the best rate on the market. What might look like a small difference­–a few tenths of a percent­­– can mean thousands of extra dollars in your pocket for things like renovations, furniture, and travel. With a mortgage broker, you can be confident that you’re getting the best market rate, without having to go from bank to bank.

We do the negotiating for you

When shopping for a mortgage at a bank, the onus is on you to do the negotiating. For many of us, this can be challenging. A mortgage broker, however, does the negotiating for you. Unless you know how to negotiate and you’re familiar with market rates, a mortgage broker will be able to get you a better rate.

We’re on your side

Banks look out for themselves. We look out for you. You don’t pay for a broker’s service; we receive commission from the lending institution, which means our focus is finding you the best mortgage option.

The Mortgage Experts

Financial advisors deal with many products: credit cards, lines of credit, investments, insurance, the list goes on and on. Mortgage brokers, however, only deal with one thing: mortgages. Because we only deal with one product, we understand that product very well. We can provide you with expert advice, guidance, and suggestions. With a mortgage broker, you have the comfort of having a mortgage expert on your side, helping you find you the best rates and options.

Find out how you can get the best mortgage. Book a free consultation and we’ll help you get one step closer to your dream home.