Unlike buying a car or another large purchase that might take hours, purchasing a home often takes weeks or months. Between open houses, pre-approvals, negotiations, and closing, there’s a lot to navigate.
Because the process can feel overwhelming, many buyers make mistakes that can delay—or even derail—their dream home. The good news? With preparation and the right lender by your side, you can avoid the most common homebuying mistakes and move forward with confidence.
At Premia Relocation Mortgage, we help buyers—including those relocating for work—simplify the journey with personalized guidance, fast pre-approvals, and dedicated one-to-one support.
In today’s competitive housing market, sellers want to see that you’re financially ready. A Premia mortgage pre-approval verifies your buying power and shows sellers that you’re serious—often giving your offer an edge when multiple bids come in.
Traditional lenders can take weeks to issue pre-approvals, but Premia’s DigitalMove™ platform streamlines the process so you can start shopping sooner and move forward with confidence.
It’s one of the most common homebuying myths: that you must put 20% down. In reality, you may qualify for loan programs that allow as little as 3% down. Getting into a home sooner helps you start building equity faster.
If your down payment is under 20%, mortgage insurance typically applies—but it can often be removed once you’ve built enough equity in your property.
A lender might approve you for a certain loan amount, but that doesn’t mean it’s the right fit for your lifestyle. Consider all the costs of homeownership—property taxes, insurance, utilities, and ongoing maintenance—before deciding on your price range.
Use a mortgage calculator or speak with a Premia Mortgage Expert to explore payment options and determine what’s truly comfortable for your budget.
As we like to say: “Marry the house, date the rate.”
If you find a home you love, don’t miss out waiting for interest rates to drop. You can always refinance later if rates improve—but you can’t go back and buy the one that got away.
Large purchases—such as financing a new car or furniture—can increase your debt-to-income (DTI) ratio and lower your credit score. Both factors can affect your approval status and the interest rate you qualify for.
Even after applying, avoid opening new credit cards, co-signing loans, or taking on any new debt until after your mortgage closes.
Your credit history plays a major role in mortgage approval. Lenders want to see consistent, on-time payments and responsible credit use.
Before applying, check your credit report for accuracy, dispute any errors, and aim to pay down balances. A stronger credit profile can help you secure better loan options and rates.
Keeping balances below 30% of your credit limit helps maintain a healthy credit score. Large purchases or high utilization can temporarily drop your score and impact your loan terms.
Also, avoid closing old accounts before closing on your home—it can shorten your credit history and lower your score.
Cosigning a loan means taking responsibility if the primary borrower defaults. That debt is considered yours in a lender’s eyes and can raise your DTI ratio, making it harder to qualify for a mortgage.
Lenders generally like to see two years of stable employment in the same or similar line of work. A sudden job change can trigger additional underwriting scrutiny or even delay closing.
If possible, hold off on making a career move until your home purchase is complete.
A professional inspection protects you by revealing hidden issues that could cost thousands in repairs. While the seller isn’t responsible for scheduling it, it’s always worth hiring a qualified inspector before finalizing your purchase.
Buying a home is exciting—but knowing what not to do can make your journey smoother, faster, and less stressful.
At Premia Relocation Mortgage, we combine human care with smart technology to help you achieve homeownership with ease. From personalized guidance to streamlined digital tools, we’re here to make sure your move truly matters.
Get pre-approved today and shop with the strength of Premia behind you.
Savings, if any, vary based on the consumer’s credit profile, interest rate availability, and other factors. Contact Premia Relocation Mortgage for current rates. Restrictions apply.
Using funds from a Cash-Out Refinance to consolidate debt may result in the debt taking longer to pay off, as it will be combined with the borrower’s mortgage principal amount and repaid over the full loan term. Contact Premia Relocation Mortgage for more information.
Premia Relocation Mortgage does not provide credit counseling or credit repair services.
All information provided in this publication is for informational and educational purposes only and should not be construed as financial, investment, or legal advice. Premia Relocation Mortgage does not guarantee the quality, accuracy, completeness, or timeliness of the information contained herein. While efforts are made to verify the information provided, it should not be assumed to be error-free. Some information may have been provided by third parties and has not necessarily been verified by Premia Relocation Mortgage.
Premia Relocation Mortgage does not assume any liability for the information contained herein, whether direct, indirect, consequential, special, or exemplary, or for any damages whatsoever arising out of or in connection with the use of this publication or reliance on the information, including any personal or financial loss, whether in contract, tort (including negligence), or otherwise.
Premia Relocation Mortgage does not provide tax advice. Please contact your tax advisor for any tax-related questions.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of an application does not represent an approval for financing or an interest rate guarantee. Restrictions may apply. Contact Premia Relocation Mortgage for current rates and additional information.