Three Popular Mistakes New Homebuyers Make in Their Journey to Homeownership

Jan. 31, 2023

The road to homeownership can be wrought with struggles and missteps. However, having the correct knowledge and support can make the process smoother. Keep reading to learn some popular homebuying mistakes and how to avoid them.

  1. Only Consulting One Lender

Whether you’re purchasing your first home or your fourth, it is always recommended to speak with more than one mortgage lender before making your final decision. Each lender offers their own mortgage products, so speaking to different lenders will expose you to various programs and perspectives. Additionally, not all mortgage lenders have experience with homebuying incentives. So, you could be leaving thousands of dollars on the table! Take the time to find the right lender with the best products to fit your needs.

  1. Assuming You Need 20% Down

A major barrier to new homeowners is the assumption that they need to save tens of thousands of dollars for a down payment to make a purchase. While there are many pros to saving a 20% down payment, it isn’t required. Depending on your mortgage product, you may even qualify for no down payment at all! Finding a mortgage product that allows a low-cost or no-cost down payment can fast-track your journey to homeownership.

  1. Ignoring the Neighborhood

Location, location, location! We’ve all heard the phrase before, but it’s still easy to overlook. Choosing your dream neighborhood is just as important, if not more, as finding your dream home. Each of Baltimore City’s 278 unique neighborhoods has something to fit everyone’s needs. Do you need to be closer to work or your child’s school? What amenities would you like near you? Do you use public transportation, or do you prefer to drive? These factors, and others, are all important variables to consider when choosing your perfect neighborhood.

To better assess your must-haves in a dream home, neighborhood, or mortgage lender, visit our website to create a Personalized Moving Planner. To learn more about homebuyers’ common mistakes, watch the latest recording of our 10 Common Homebuying Mistakes to Avoid Virtual Workshop.  Get a leg up on your homebuying journey with us in this virtual workshop!