If you are in the market for your first home, you should know that you can make the entire process more successful and efficient if you know about the potential blunders you need to avoid. For those just starting out on their journey to home-ownership, read on to learn more these possible pitfalls that seem to target those new to the game.

Trying to go without an agent: Prep work is important and having a general idea of the market is fine, but don't attempt to rely just on your general knowledge make this big step without the assistance of a real estate agent. While most cities have their listings available online, those listings are only the beginning of what you need to know about a home purchase. Only by making contact with the right agent can you understand how much home you can expect to get for your money and how to get in on the best deals before anyone else does.

Not getting educated. You may be surprised when you go to get pre-approved for a mortgage. Some lenders now require that buyers undergo classes before they can be approved for a loan, even those who've been through it previously. These classes are more common for special categories of loans, such as those with government backing, like FHA, VA, and USDA loans. Even if you are going the conventional loan route, education about home financing and home buying could never be a bad thing.

Not being ready to leap on that deal: In many markets, real estate sales have rebounded to a startling degree, and if you are not prepared to act quickly, you may end up losing out on your dream home. Getting a pre-approval is nearly mandatory now, and doing so will help you firm-up your home-buying purchase limits. You will need proof of income, such as pay stubs and previous tax returns, to get your pre-approval.

Setting some unealistic purchase goals: Most everyone has heard the old advice that you should be able to afford a home that costs approximately three times your yearly salary. You should understand that this advice may not apply to your situation in your location and that only you and your lender have the actual number you can afford in mind. It's also worth mentioning that just because your lender says you can afford a home at a given price and a certain monthly payment amount doesn't mean that you have to go that high. What you spend on your housing is a personal decision, so be sure to spend a moment and do a reality check about what your comfort level is with your own budget, and go from there.

Forgetting to compare mortgage rates: Rates fluctuate continually, so the rate you get when you are pre-approved may not be the best rate once it comes time to make the offer. You are under absolutely no obligation to the lender or lenders that gave you your pre-approval, so check those rates before you sign those papers. Even a tiny change in the percentage could mean thousands of dollars in the amount you pay over the life of your loan.

For more information and help avoiding mistakes on your journey to home-ownership, contact a real estate agency, such as Roger Deines Real Estate Group ReeceNichols.