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John The Mortgage Man

First Time Home Buyer Mistakes


If you are a first time home buyer, it can be a bit intimidating. Purchasing a home is a huge investment this report will go over some of biggest mistakes many 1st time home buyers make. That way you can make sure you are fully aware when you do purchase your first property.


Often times first time home buyers go into purchasing a home without fully thinking about the financial commitment they are about to get into. This report will help you figure out if now is a good time for you to purchase a home.

Don’t Look For A Home Before You Get A Loan– This is one of the biggest mistakes 1st home buyers make. Often time’s people just go out searching for a home based on a price they think they could qualify for. The problem is many times that number is way off from reality. Don’t be afraid to ask us what you can qualify for, even if you can’t qualify for a loan for the type of home you are looking for at least you’ll know and won’t waste your time. Also when a real estate agent knows you are a pre-approved buyer it gives you a big advantage since there are no guessing games. That way you have more leverage in negotiations.

Don’t Use Your Entire Life Savings For A Down Payment – This is another huge mistake 1st time home buyers make. Don’t let the excitement of owning a new home put you in a bad financial situation. Life has a strange way of giving us surprises and the last thing you want is to be in a situation where you don’t have any money because all of it went to into your down payment. Every situation is different, but it might be smarter to pay less on a down payment, and then have slightly higher monthly payments, rather then putting all your money in on a down payment.

Don’t Have The Seller Pay The Closing Costs– It’s not so much that you want to pay closing costs, as much as could you pay for closing costs? What does it say about your financial situation that having the seller pay for the closing costs is the only way you can purchase a home?

Use it as a test for yourself, because purchasing a home is a longer term commitment. Instead of having the seller pay for the closing costs try getting the seller pay your points, mortgage insurance or a home warranty. This will save you money on your monthly payments, not just make the initial purchase easier.

Don’t Use Alternate Payment Methods On Closing Costs– If you will use your 401k, IRA, tax return or inheritance to pay for your closings cost think again. Just like in the reason above, if you need to use these alternate methods what does that say about your financial situation? A lot of these payment methods are designed to give your family financial security, so think twice.

Don’t Fall In Love In A Home– Sometimes 1st time home buyers find a home and for some reason they just fall in love with it. It could be the neighborhood, it could be a pool in the yard or newly remodeled kitchen. This however could make them blind to other issues in the home. The important part is to remember when you are purchasing a home you buy the whole house, not just what you feel in love with. It’s important to take the emotion out of the process, and take a serious non biased view of every property you look at.

Don’t Jump Into Buying A Home Without A Professional– Many times 1st time home buyers get overly excited with purchasing a home and over look important thing. The home buying process is full of tiny details and fine print, so going into blindly can really cost you. We pride ourselves in giving you the best advice and make sure you are not walking into anything you don’t want or need. Also it is important to know the local housing trends. They change constantly and we have the relationship with the best real estate agents to make sure you get the best deal for your budget.

Buying a home is usually one of the biggest investments in anyone’s life, make sure you are well informed and work with a professional who can guide you in the right direction.

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Debi CampbellDebi Campbell
17:05 13 Feb 22
John McCoy and his staff are just outstanding! Their efficiency and ability to respond quickly to any of my questions and needs is what made the... difference in me getting my house so quickly. It only took 3 weeks because of their ability to expedite m paper work quickly to those that needed it, along with my clean credit! Thank you so much for all your hard work! Each one of you!read more
Bobbie-Jo TorresBobbie-Jo Torres
19:49 07 Feb 22
Very quick and helpful. They made everything smooth and easy and in terms that I could understand! Highly recommend!!
daniel villarrealdaniel villarreal
04:19 03 Oct 21
John The Mortgage Man went that extra mile to make sure I received the best mortgage on our new home. Very satisfied. Thank You John.
Danny OchoaDanny Ochoa
17:39 16 Jan 21
John was the one who took a chance on me and my wife . Thank you so much for changing our lives and putting us in our new home . If anyone out there... needs someone to help them make there dreams come true reach out to John and the professionals mbn me they won’t let you downread more
Herb FarleyHerb Farley
23:05 06 Jan 21
What an amazing experience! John and his team were extremely responsive and easy to work with! They made the loan process easy and never hesitated... to answer our questions. I would recommend John the Mortgage Man to anyone looking for a loan!read more
Mason ShirleyMason Shirley
18:19 04 Jan 21
Working with John McCoy was very easy and convenient. He walked us through the entire loan process with excellent communication and knowledge. We... were in a time crunch to purchase a home before the end of the year, and John worked fast to make it happen. Would highly recommend!read more
Debbie PowellDebbie Powell
05:38 21 Dec 20
John has helped me purchase 2 houses! John is easy to talk to and makes you feel like family. He is the best person you could have to help you in... this process! John will make it happen! Thank goodness he came highly recommended to me. John is truly a hero!read more
Vivian SimsVivian Sims
19:38 20 Dec 20
John McCoy has been our "mortgage man" on two purchases. Both went smoothly without a complication. The money and timeline were exactly what he... represented. I have recommended him to many looking for a mortgage. If you are looking for An honest, smooth mortgage progress, call "Jo John, the Mortgage Man". Way to go "Mortgage Man"!read more
Amando CanalesAmando Canales
20:21 18 Dec 20
John The Mortgage was a most professional experience my wife and I had a pleasant experience and were most satisfied with his service his can do... attitude was greatly more
Mark FosterMark Foster
11:17 30 May 19
John and his team worked diligently to make the process as easy as possible. They kept me informed and sent me step by step what they were doing so I... always knew where we were in the process. I had a very low credit score and they still made it happen! Thanks John, Troy, Allan and the whole more
Rich and Bekah RobertsRich and Bekah Roberts
17:43 24 May 19
John and his team are excellent at what they do. Very friendly and helpful, yet also down to earth and realistic about your ability to attain such... and such mortgage. John will let you know if your "dreams" are a match with the reality of your financial situation. John wants you in a mortgage, but he wants you in one you can afford comfortably. I had numerous questions throughout process, and John gladly answered each and every one. I am very grateful my wife and I chose John, and would do so again if/when we have other mortgage needs. If you're ready to buy a home, you wont be disappointed with John McCoy!read more
Jeremy DeanJeremy Dean
06:16 07 Mar 19
John the Mortgage Man worked to get me and my wife into our first home this year! We had some issues with low funds, high debt and bad credit, but... John helped us to determine how much we needed to save up to get in the home we wanted. Once we got there John was able to hook us up with a lender and get us a good deal on a loan. We closed in just over two weeks from the time we found a house that we wanted! John always made us feel at ease and answered any questions we had. Very knowledgeable, very responsive and very kind! Thank you John for everything! Highly recommend!!!read more
John McCoyJohn McCoy
15:12 19 Feb 19
John made getting our loan processed very efficient and worry free. He will do the same for you!
19:47 20 Oct 18
12 days from application to closing, now that's fast! Great overall service, everything John said he would do, he did it. My clients were thrilled.
Frank J RosatiFrank J Rosati
19:15 20 Oct 18
John made everything easy for the purchase. He had everything covered (all the associated costs, paperwork) that I needed to close. It was a pleasure... to work with him again (this is my second time working with John) and I would highly recommend him to anyone looking to finance a more
debbie powelldebbie powell
19:05 19 Aug 18
John goes out of the way for you to make sure you are informed, kept up to date, and always professional. Definitely goes the extra mile to help!... Everything is done in a timely manner. Thanks so much John! This is my second mortgage through John McCoy and more
Shawn LockettShawn Lockett
21:22 23 Mar 18
This guy is a wiz!!! He knows a ton about this business and how to get things done!!! Be up front, honest, and ask him your concerns and he will be... straight with you in return and get you in the house of your dreams... He was able to take us start to finish in three weeks time!!! Awesome awesome experience!!! P.S. He will only call you with news—it’s how you interpret it is up to you... Give John a call, you won’t regret it!read more
Laura PatrickLaura Patrick
16:29 30 Apr 16
My husband and I recently bought a house in the area. It was my first time buying a house, so I don't have a lot to compare to, but my husband kept... saying how much nicer it was working with John than his last experience. My husband did most of the loan-stuff, but I got to experience John's wonderful presence at our closing. I was expecting the closing to be stressful, but it ended up being a pleasant experience partly because of John's presence. He explained things in easy-to-understand terms and brought a very positive energy to the room. He was great to work with and we've already been recommending him to our friends who are looking to buy more

John McCoy NMLS #308360
NEXA Mortgage, LLC NMLS# 1660690
AZMB 0944059

John The Mortgage Man
NEXA Mortgage, LLC
3100 W. Ray Road, Suite 201, Office 209
Chandler, AZ 85226