7 Mistakes That Virginia First Time Home Buyers Make
What Are Some Mistakes That Virginia First Time Homebuyers Should Avoid?
If you’re like most people, buying a house is probably the largest financial transaction you ever make in your life. That’s why you should do it when you are armed with the knowledge that can help you avoid mistakes that you will be forced to live with for the next few decades.
Still, a good number of home buyers aren’t adequately prepared and will often not make the right purchasing decisions. To ensure that you don’t end up joining them, here are some of the mistakes that first time Virginia home buyers often make.
1. Skipping the Homework
Buying a house is a huge deal, so you gotta do your homework, but lots of folks skip this part. Start by figuring out what you can afford—check your savings, debts, and get pre-approved for a loan before you even start looking at houses.
Once you spot some places you like, dig into the neighborhood. Look up stuff like property taxes, crime rates, and check out nearby schools and amenities.
2. Picking the Wrong Loan
Grabbing the wrong mortgage is a classic rookie mistake for first-time Virginia home buyers, and it can mess with your wallet for years.
Should you go with a fixed-rate or adjustable-rate mortgage? Think it through carefully before signing anything that locks you in for the long haul.
Mortgage Rates as of August, 12 2026 | See Rate Assumptions | Rate Terms Explained
Rate Table Assumptions
Conventional Rates shown assume a purchase transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value ratio of less than or equal to 96.5%; a minimum FICO score of 740, lock days at 15.
Term
Loan Amount
LTV
Points
30yr Fixed Conv.
$375,000
75.0%
1
15yr Fixed Conv.
$375,000
75.0%
1
30yr Fixed FHA
$289,500
96.5%
1
15yr Fixed FHA
$289,500
96.5%
1
30yr Fixed VA
$300,000
100.0%
1
15yr Fixed VA
$300,000
100.0%
1
30yr Fixed Jumbo
$900,000
75.0%
1
15yr Fixed Jumbo
$900,000
75.0%
1
30yr Fixed USDA
$275,000
100.0%
1
Rates may be higher for loan amounts under $375,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply. Ask for details.
Moreira Team | MortgageRight is an Equal Opportunity Lender
“Rate Over X%” Assumptions
Rates shown assume a refinance transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value of 75%; a minimum FICO score of 740; a Loan Term of 360 months; and a loan amount of $375,000 for conforming loans.
Rates may be higher for loan amounts under $275,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply.
Moreira Team | MortgageRight is an Equal Opportunity Lender
Rate Terms Explained
What are Mortgage Points?
Mortgage points, often called discount points, are optional fees that a homebuyer pays at closing in exchange for a reduced interest rate on their mortgage. This process is commonly referred to as "buying down the rate" or a "rate buydown.
What are Lender Credits?
Lender credits are a feature in mortgage financing where the lender agrees to cover some your closing costs in exchange for you accepting a higher interest rate on your loan. This arrangement can make it easier for buyers to afford the upfront costs of purchasing a home.
What is APR?
APR, or annual percentage rate, is a measure of the total yearly cost of borrowing money through a mortgage. Unlike the regular interest rate, which is just the cost of borrowing the principal, the APR incorporates both the interest rate and many of the fees and costs associated with getting your loan.
Rate Feature
Lender Credit
vs
Discount Points
Upfront Costs
Lower (less paid at closing)
Higher (more paid at closing)
Interest Rate
Higher Rate
Lower
Long Term Cost
Higher (more interest paid)
Lower (less interest paid)
Best for...
Short Term Ownership or Cash Strapped
Long Term Ownership or Cash Rich
3. Blowing Your Budget
Going over budget is a big oops that can really hurt your finances down the road. It usually happens when you let your heart take over your head.
You know what you can afford because you did your research, right? Don’t fall so hard for a house that you buy it even if it’s way too pricey. Sure, you might get the loan, but those payments and extra costs could crush you.
4. Showing Your Cards
Never let the seller know how much you love the house during negotiations. It might be your dream home, but keep that to yourself. If you gush about it, the seller will have the upper hand and more room to haggle.
5. Buying Out of Frustration
Buying a house just because you’re sick of looking is another trap first-time Virginia buyers fall into. You might be exhausted from touring homes, but don’t just settle to get it over with. That kind of move could stick you in a house or neighborhood you hate for years.
6. Ditching the Inspection
Never skip the home inspection. It’s a super important step. Even if you’re on a tight budget and trying to save some cash, don’t cut corners here.
Skipping it might save you a few bucks now, but hidden problems could cost you thousands later.
7. Trying to Figure Out the Contract By Yourself
Real estate contracts are like a whole different language, and they’re tricky. Don’t try to figure them out on your own. Get a solid real estate agent, and maybe even a lawyer, to help you out.
Buying a home doesn’t have to feel like climbing a mountain, as long as you steer clear of these 7 mistakes first-time Virginia buyers often make. But this is just the start—there’s more to learn, and a pro real estate agent can really save the day.
Contact us today and see how we can help you get started, 800-599-1563!
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