With high home prices and rising mortgage rates, buying a home today requires smart planning and careful decisions. A few common missteps—like skipping mortgage pre-approval or overextending your budget—can lead to costly consequences or long-term regret. Here are 7 of the most common home buyer mistakes and how to avoid them.

Mistake #1 – Shopping Before Getting Mortgage Approval

Jumping into house hunting without mortgage pre-approval can waste time and set unrealistic expectations. A pre-approval letter not only shows sellers you’re a serious buyer, but it also helps you understand what price range you can realistically afford. Talk to a lender early on to get pre-approved and clarify the mortgage process.

Mistake #2 – Ignoring Your Credit Score

Your credit score directly affects your mortgage rate and approval odds. Before applying for a loan, check your score through one of the three major credit bureaus. If your score is low, take a few months to improve it by paying down debt, correcting errors, or reducing credit card balances. A higher score could save you thousands in interest.

Mistake #3 – Not Defining Your Must-Haves

Without a clear vision of your needs, it’s easy to fall in love with the wrong house. Make a list of your non-negotiables—whether it’s a certain number of bedrooms, a backyard, or proximity to work. Discuss priorities with your spouse or co-buyer to stay on the same page and make decisions faster.

Mistake #4 – Overlooking the Neighborhood

A perfect home in the wrong location can lead to long-term dissatisfaction. Visit neighborhoods at different times of day, look into crime rates, school rankings, and access to amenities like shopping, parks, and dining. Remember, you’re not just buying a house—you’re buying into a community.

Mistake #5 – Stretching Your Budget Too Far

Just because you’re approved for a certain amount doesn’t mean you should spend it all. Be mindful of additional costs like property taxes, insurance, maintenance, utilities, and HOA fees. A good rule of thumb: keep total housing expenses under 28% of your gross monthly income.

Mistake #6 – Skipping the Home Inspection

Waiving the home inspection to speed up the process or make your offer more appealing is risky. A thorough inspection can uncover structural issues, aging systems, or hidden damage that could cost thousands to fix. It’s one of the best ways to protect your investment.

Mistake #7 – Making Big Purchases Before Closing

Once you’re under contract, it’s tempting to buy furniture, appliances, or even a car for your new home—but don’t. Major purchases or new credit accounts can affect your credit score or debt-to-income ratio, potentially jeopardizing your loan approval. Wait until the mortgage officially closes before spending.

Avoiding these common home buyer mistakes can make your purchase smoother, more affordable, and ultimately more satisfying.

So, ready to start your homeownership journey? Contact us today to get pre-approved and shop with confidence.

These materials are not from HUD or FHA and were not approved by HUD or any government agency.