- Not doing proper research and not knowing what you can afford - Make a list of all your monthly expenses (excluding rent), including vehicle costs, student loan payments, credit card payments, groceries, health insurance, retirement savings, and so on. Use a mortgage calculator to research current interest rates. This will give you an estimate of what your total mortgage payments will be. It is important to have a budget, know what you can afford, and find out how much a bank will lend you before you start shopping for your first home.
- Not considering other expenses like paying property taxes, insuring your home against disasters, and making any repairs the house needs.
- Being too choosy about the property as being first time home…
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