What are the Top 5 First-Time Homebuyer Mistakes that one can Avoid? If you are thinking about buying your home for the first time? If you really want to venture into the homeownership, take care of some important steps. Few important steps for homeownership are here as follows: 1. To get approval for a mortgage. 2. Go for the right real estate agent. 3. Go for the home that fits your budget. 1. Buying home is more than mortgage payments Many first-time homebuyers have a feeling that if they are ready for the mortgage means they can readily buy the home. But the reality is different those who are ready for a mortgage does not necessarily mean they can. The property taxes and insurance have keep on going up every year. 2. To Look for a home first and then loan Homebuying is not all about home searching. It is more like a mortgage prequalification you should be able to pay the cash payment for your first house. 3. Not Consulting a Professional If you are new to the homebuying game. You should certainly consult a reputable real estate agent or a broker. To start up the homebuying process that too all alone without any professional consultation, is not a good strategy. The first-time homebuyers should go for the real estate broker who is trustworthy and gives a truly independent advice. 4. Don’t Use Savings on the Down Payment The biggest mistake that first time homebuyers do is spending their savings on the down payment and closing costs. Many people out of excitement invest their entire money to make the down payment to avoid paying the mortgage insurance. This is not a good strategy as they may be left with no savings at all. 5. To Get New Loans Prior to Closing the Deal