Martinsburg WV - NMLS #969785

55 Meridian Parkway - Suite 101

Tel: 304.263.1000 - Fax: 304.263.1001

Charles Town WV - NMLS #1564363

119 West Washington Street 

Tel: 304.725.2000 - Fax: 304.725.2100

Morgantown WV - NMLS #1181886

1704 Mileground Road - Suite B 

Tel: 304.598.0000 - Fax: 304.598.0010

© 2019 Sierra Pacific Mortgage Company, INC  - NMLS #1788  (

Regional branches represented by this website are licensed to originate mortgages in WV, VA, PA, MD. These Branches Are Not Licensed in New York

  • Moises Cardenas

The Top 5 Mistakes First Time Homebuyers Make

Purchasing your first home can seem intimidating as well as overwhelming, and with tons of information out there about the "right" way to do things, how can you be sure of what really is true? While we believe we're pretty knowledgeable about making your first home purchase, we will just discuss some of the common mistakes we see, and hopefully help you prevent them.

1. Not Getting Pre-Qualified

A lot of first time home buyers think they need to go speak to a real estate agent first, and while this may seem like a smart first choice, speaking to a Mortgage Lender should actually be your first move. When speaking to a lender, you can figure out how much of a house you can purchase, so that when you are looking for your ideal home you don't fall in love with something out of your budget. This will also make the job of the real estate agent easier so they know which houses to show you in your price range.

2. Not Factoring in All Expenses Outside of your Mortgage

While your Mortgage may be at the top of a budget you allocate, you should also factor in other expenses that you may have to pay monthly. This includes any possible HOA fees, utilities, cell phone, etc. While these may not be directly reflected in your Mortgage, you should do some preliminary research to see what you will be paying in addition. This allows you to make sure that you are comfortable with your monthly budget.

3. Opening New Lines of Credit, Purchasing New Vehicles or Making Large Purchases

One of the BIGGEST common mistakes that are made are buyers getting closer to closing, and deciding to purchase new furniture or vehicles to celebrate their new house before they officially close. You may end up opening a new line of credit or putting it all on a new credit card, thinking that it will not make any impact on your home purchase. This is not correct, as it could impact your credit score or even change the terms of your loan. You also do not want to quit or change your job. The best practice is to wait a few days after you officially close so that there are no risks.

4. Not Factoring in Other Expenses Paid Outside of Closing

Purchasing a home is a big deal, so you want to ensure that you are protected every step of the way. There are other expenses that you should prepare for such as a home inspection fee, an appraisal fee, and an Earnest Money Deposit. While some of these can be reimbursed at closing depending on the program, you have to have funds in your account prior to closing.

5. Not Thinking You Can Purchase All Together

While a home purchase may seem out of your reach, you may be surprised at how affordable it is, even potentially being cheaper than your rent. The benefit is that you'll also start to build equity on something that you own.

Purchasing a home can be an easy process, come speak to one of our Mortgage Lenders today and learn more to get you one step closer towards home ownership.