Blog cover image for Tim Lyons Mortgage titled "Top 5 Mistakes First-Time Homebuyers Make (And How to Avoid Them) showing a couple looking concerned in front of a house, beside a checklist marked with a red X

Top 5 Mistakes First-Time Homebuyers Make (And How to Avoid Them)

April 24, 2025•2 min read

Mistake #1: Not Getting Pre-Approved First

Many first-time buyers start house hunting without knowing what they can afford. This leads to heartbreak and wasted time. A pre-approval from Tim Lyons will:

Mistake #2: Draining All Savings for the Down Payment

It’s tempting to put every dollar toward your down payment, but don’t forget closing costs, moving expenses, and emergency savings. Consider DPA programs that allow you to buy with support.

Mistake #3: Ignoring Your Debt-to-Income Ratio

Lenders look at how much of your income goes toward debt. A high DTI could reduce your loan options—or cause denial. Before you apply:

Mistake #4: Making Big Financial Changes Before Closing

Switching jobs, opening new credit, or making large purchases (like furniture or a car) during the loan process can trigger a denial—even after pre-approval. Always check with your lender before making financial moves.

Mistake #5: Underestimating the Full Cost of Homeownership

Your mortgage payment is just one part of the puzzle. Be sure to factor in:

Final Thoughts

Avoiding these common mistakes can save you thousands and make your first buying experience smooth and successful.

📞 Contact Tim Lyons today to get pre-approved and navigate your first home purchase with expert guidance.

Required Disclosure

Loan approval is not guaranteed and is subject to underwriting guidelines, including credit, income, assets, and property evaluation.

These materials are not from HUD or FHA and were not approved by HUD or a government agency.
NMLS #2182927 | Equal Housing Lender

👤 Tim Lyons
Licensed Mortgage Broker – Florida & Ohio
Helping first-time buyers in Florida avoid costly mistakes and close with confidence.

Tim Lyons is a licensed mortgage loan originator in Florida and Ohio.

Tim Lyons

Tim Lyons is a licensed mortgage loan originator in Florida and Ohio.