The Top 5 Mortgage Mistakes First-Time Homebuyers Make (and How to Avoid Them) - The Sequel
Buying your first home is an exciting milestone, however it’s also one of the biggest financial decisions you’ll ever make. At Team Scott Mortgage, we specialize in helping first-time homebuyers in Austin and Central Texas avoid the costly mistakes that can delay or even derail your dream of homeownership.
Here are the top 5 mortgage mistakes we see, the how they hurt and how you can avoid them.
1. Not Getting Pre-Approved Early
The Mistake: Shopping for homes before knowing what you can actually afford.
How It Hurts: You might fall in love with a home that’s out of your budget or lose out to another buyer who’s already pre-approved.
How to Avoid It: Get pre-approved before you start house hunting. This gives you a clear budget, boosts your credibility with sellers, and speeds up the closing process.
2. Underestimating the Total Cost of Homeownership
The Mistake: Only budgeting for the mortgage payment.
How It Hurts: Property taxes, homeowners insurance, HOA dues, and maintenance costs can stretch your budget thin if you’re not prepared.
How to Avoid It: Use a total monthly cost calculator and factor in ALL ownership costs before making an offer. We help our clients build realistic budgets that cover everything.
3. Making Big Financial Changes During the Loan Process
The Mistake: Changing jobs, opening new credit cards, or making a major purchase before closing.
How It Hurts: Even small financial changes can alter your credit score or debt-to-income ratio, which can delay or cancel your mortgage approval.
How to Avoid It: Avoid any major financial moves until your loan has closed. Always talk to your loan officer first.
4. Not Exploring All Loan Options
The Mistake: Assuming a conventional loan is the only option.
How It Hurts: You could miss out on lower down payments, better rates, or first-time buyer programs like FHA, VA, or local Texas assistance programs.
How to Avoid It: Work with a knowledgeable loan officer (like Bryan Scott!) who can present all your options and help you choose the right fit.
5. Going with the First Lender You Find
The Mistake: Accepting the first rate quote without shopping around.
How It Hurts: Even a small difference in interest rates can cost you tens of thousands over the life of your loan.
How to Avoid It: Compare rates, fees, service, and experience. At Team Scott Mortgages, we have access to multiple lenders, offer very competitive rates, and personalized service with transparency every step of the way.
First-time buyers don’t have to go it alone. Avoiding these common mistakes can save you time, money, and stress—and that’s exactly what we’re here for.
📞 Call Bryan Scott at 512-864-4866
📧 Email: bscott@gfmortgages.com
🌐 Visit: bryanscottmortgagetexas.com
Together. let’s make your first home purchase smooth, smart, and stress-free.