Buying your first home is a big milestone!
While it’s exciting, it’s also easy to make a few mistakes along the way. We’re here to help you sidestep the most common pitfalls with smart, simple advice.
1. Skipping the Budgeting Step
Know what you can afford before you fall in love with a
house.
One of the most common mistakes is shopping for homes before
understanding your full financial picture. Be sure to:
- Factor
in not just your monthly mortgage, but property taxes, insurance, HOA
fees, and utilities.
- Avoid
maxing out your pre-approval amount—leave room for unexpected expenses.
- Build
a savings buffer for home maintenance and moving costs.
2. Not Getting Pre-Approved Early
A mortgage pre-approval gives you buying power and peace of
mind.
Before you start house-hunting, get pre-approved by a
lender. This helps you:
- Understand
what loan programs and rates are available to you.
- Show
sellers you're a serious buyer.
- Spot
potential credit issues early and correct them before it's crunch time.
3. Overlooking Loan Options
There’s no one-size-fits-all mortgage. Explore your choices.
First-time buyers often default to the 30-year fixed loan,
but there may be better fits depending on your situation. A few different
mortgage options are:
- FHA,
VA, or USDA loans with low or no down payments.
- Down
payment assistance programs that help bridge the gap.
- Adjustable-rate
mortgages (ARMs), which might make sense in certain situations.
4. Letting Emotions Lead the Way
Stay focused on the long-term investment, not just the
granite countertops.
It’s easy to get swept up in dream-home fantasies, but smart
buyers:
- Stick
to their budget and wish list priorities.
- Don’t
rush the process—even in a hot market.
- Get a
home inspection and negotiate repairs or walk away if needed.
5. Forgetting About Closing Costs
Don’t let final fees catch you off guard.
Many first-time buyers focus only on the down payment and
monthly mortgage—but closing costs can add up quickly. Be prepared to:
- Budget
an additional 2–5% of the home’s purchase price for closing costs.
- Understand
what’s included: lender fees, appraisal, title insurance, and more.
Your first home purchase doesn’t have to be stressful. With
the right guidance and preparation, you can avoid common missteps and move
forward with confidence.
Ready to take the first step? Team Lasson is here to help guide you through this process.
Team Lasson is here to assist with
all of your home buying needs! If you’re
considering taking the leap into home ownership in the near future, we’re here
to help. Contact us today to explore
which loan program aligns best with your financial goals.
The first step in preparing for your big purchase is to get
pre-approved for a mortgage at Lake of the Ozarks. Visit www.yourlakeloan.com or
call us at (573) 216-7258 to get started today!
Michael Lasson
Senior Mortgage Banker
NMLS #: 493712
Flat Branch Home Loans – Team Lasson
2882 Bagnell Dam Blvd
Lake Ozark, MO 65049
Cell: (573)
216-7258
Email: teamlasson@fbhl.com
Website: www.yourlakeloan.com
Flat Branch Home Loans
NMLS 224149. A Division of Flat Branch Mortgage Inc.
For more licensing
information, visit NMLSConsumerAccess.org
