The Top Mistakes Homebuyers Make (And How to Avoid Them)

Tuesday May 7, 2024

Whether you are a first-time buyer or you are searching for your next house after a previous purchase, buying a home can seem like a daunting prospect. There are so many things to consider, both on paper and off, and it is easy to get overwhelmed. Not to worry — Lafferty Communities has you covered. From the moment you start your home buying journey with us, we’ll be with you every step of the way to ensure the process is as smooth as possible. We’re the experts — which is why we’ve put together this list of the most common home buying mistakes we come across, and what you can do to avoid them.


Not Starting the Approval Process Early

Although it might be tempting to start touring houses the second you decide to move, starting with a mortgage pre-approval is crucial. There is nothing worse than finding your dream home and finding out after the fact that you aren’t able to get approved for the mortgage you need. Luckily, avoiding this problem is easy. Before you start actually searching for a house, ensure you talk to one of our Preferred Lenders about a mortgage pre-approval. Learn more about how Lafferty Communities has partnered with our Preferred Lenders to make getting prequalified easier than ever.

Not Keeping an Eye On Your Credit Report

Your credit score is perhaps the most important thing lenders consider when you apply for a mortgage. Early on in your conversations about purchasing a home, you should check your credit score and decide if you need to boost it before attempting to apply for home financing. Generally, aiming for a credit score of at least 620 is a good rule of thumb. Of course, the higher, the better — the more you can boost your credit score, the more likely you are to be offered a better interest rate.

Fixating On the House Over the Neighborhood

You might have found the home of your dreams — but if it’s in an unsafe area, has unfriendly neighbors or makes for an inconvenient commute, it might not be the one for you. Your family’s individual needs might vary widely, so it’s a good idea for the whole household to explore the nearby community of anywhere you are seriously considering. Thankfully, you’ll have no trouble finding family-friendly communities ready to welcome you to your Lafferty home with open arms. Check out each of our available communities to see which one might be the right fit for your family.


Assuming You Need a 20% Down Payment

You may have heard that a 20% down payment is required to secure a mortgage on your home. However, this is, in many cases, a myth. In fact, many homebuyers can secure financing with a down payment of as little as 3%. While it might seem counterintuitive to encourage you to aim for a smaller down payment, letting go of the “20%” myth will allow you to focus on what really matters — that is, your credit and working on a pre-approval, as we mentioned above.

Moving Too Quickly

Buying a home isn’t like buying a new car or a new phone. Sure, it can be exciting to start sprinting once the finish line is in sight, but you run the risk of burning yourself out before you are able to reach the end. Moving too quickly through what is a considerably complex process can come back to haunt you in the form of unexpected closing costs, skipped lines of fine print and more.


Finding Your Lafferty Communities Home Is Simple

Although buying a home is a complex process, it is ultimately one of the most rewarding things you can do. We’re here to help every step of the way. We’d love to hear from you — let’s start the process of finding your next forever home, right here at Lafferty Communities.