New Home Buyers: 6 Mistakes To Avoid!

When you’re a first-time homebuyer, you’re more at risk of making extremely costly mistakes

As industry experts, we’ve seen everything – we know what works and what doesn’t – and we know where homebuyers get burned the most often. We want to ensure that you’re as prepared as possible.

In our free report called “6 Things You Must Know Before You Buy,” we delve into the most common mistakes homebuyers make and how to avoid them. It’s crucial to avoid mistakes like this and other common errors to make your home buying experience as successful and stress-free as possible.

Get a FREE report on How to Avoid the 6 Biggest Mistakes Homebuyers Make

First-Home Buyers & Seasoned Buyers

Even if you’ve purchased multiple homes in the past, mortgage regulations have changed recently, which could have a considerable impact on the way you’re accustomed to doing things

How you structure your mortgage – down to the most minor details – can either cost you or save you thousands of dollars.

There are new changes to high-ratio mortgages insured by the Canada Mortgage and Housing Corporation (CMHC). When you make a down payment of less than 20% of the purchase price of your home, this is considered a high-ratio mortgage.

Changes to these mortgages include:

Other common mistakes that homebuyers make:

Not getting pre-approved for a mortgage before shopping
Making uninformed offers
Buying a home sight unseen
Applying for credit or making large purchases while house-hunting
Not researching the neighbourhood
Getting distracted by flashy details of the home rather than looking at the quality
Limiting your search to a specific style of home
Not viewing the home as an investment
Not budgeting for emergency costs and closing fees
Not getting a home inspection or taking it seriously
Falling in love with how a home is staged rather than the home itself
Not shopping around for the best mortgage interest rates and terms

New Home Buyers: 6 Mistakes To Avoid!

Get a FREE report on How to Avoid the 6 Biggest Mistakes Homebuyers Make

Even if you’ve purchased multiple homes in the past, mortgage regulations have changed recently, which could have a considerable impact on the way you’re accustomed to doing things

The amount of debt that a borrower can carry is now lower.

The borrower must now have a minimum credit score of 680 (up from 600 previously)

Homebuyers can no longer use borrowed funds as money for a down payment.

If your down payment is less than 20%, you must purchase mortgage default insurance.

Other common mistakes that homebuyers make:

Quick Search