Common Mistakes Made By First-Time Home Buyers

Author: mw | Aug 18, 2026 | Categories: Mortgage Broker,Mortgage Services,Residential Mortgage

Purchasing a cozy new home can signal the start of a new life for a young family. However, in the eagerness to move into a beautiful home, essential factors can get overlooked. Not being proactive during the mortgage process can have an adverse effect on the homebuyer sooner rather than later. For example, if wrong assumptions get made, it could lead to getting stuck with the wrong type of mortgage or missing out on the dream house altogether.

To help you avoid some basic errors that could prove costly, Christina Montesano, Mortgage Broker, has compiled a list of the most common mistakes people make when purchasing their first-time home. Read on to learn more.

1. Not getting a Pre-approval done

A pre-approval will let you know how much you can afford to borrow from a lender before making an offer on a property. So ensure that you work with a professional that can pull your credit score and ensure you stand a better chance of passing the stress test.

2. Underestimating closing costs

Home seekers often get caught up in saving enough for the mortgage deposit and fail to factor in the closing costs. Ask your mortgage broker about legal fees, taxes, and any other expenses that will crop up during closing.

3. Living a false reality

Before purchasing a property, preparing to take on an enormous loan that will last for decades is essential. Therefore, you should meticulously track budgets and stick to a lifestyle you can afford.

4. Not seeking experienced professionals

Often home-seekers don’t do thorough research when looking for professionals. Having the right support team, such as a mortgage broker, that understands your goals and needs can get the desired result without the hassle. So ensure that you read reviews and testimonials.

5. No financial literacy

Paying for expensive luxuries with your credit card is not a good idea before buying a home, as it will affect your credit score. So put off buying a new car or an expensive holiday if you are serious about buying a home.

6. Not asking enough questions

Homebuyers believe that if they work with a mortgage broker, everything will get taken care of automatically. However, asking questions will help you make more informed decisions when it comes to signing on the dotted line.

Get in touch with me today!

To avoid these and other mistakes, reach out to Christina Montesano, Mortgage Broker. With many years of experience, I have successfully empowered over 1500 clients and have financed over $250 million in mortgages.

I assist with refinancing, debt consolidation, renewals, and mortgage portability. I also take care of first-time home buyers, the self-employed, and those new to Canada. Additionally, my other mortgage products include investment properties, multi-residential and plan B mortgages, home equity and renovation, commercial/ construction mortgages, and vacation homes.

I serve clients across LaSalle, Montreal, Dorval, Boucherville, Repentigny, Brossard, Terrebonne, Laval, Saint-Jean-sur-Richelieu, Mont-Saint-Hilaire, and Longueuil, QC.

For a complete list of my services, please click here. If you have any questions about mortgages, I’d love to hear from you. Please call (514) 250-9887 or email christina.montesano@groupeorbis.com.