About three out of four first-time homebuyers did not seek financial advice before buying, a new survey shows.

The survey, released Tuesday, also shows 16% of recent first time homebuyers find their home payments difficult to manage, or that they consider themselves to be ‘house poor’.

The survey, conducted for the Bank of Montreal by Decima Research, talked to 1,015 Canadians homeowners who purchased their current home within the past 10 years in Vancouver, Calgary, Toronto, Montreal, and Halifax. It has a margin or error of +/- 3.1 percent points 19 times out of 20.

It found that 77% of recent house hunters did not seek any financial advice from a financial professional such as banker, financial advisor, or a mortgage broker.

“What’s surprising about these findings is the number of people who don’t seek financial advice from experts on the biggest investment they’ll ever make, and that could be a big mistake,” said Maria Racanelli, vice president, personal banking, BMO Bank of Montreal. “While securing a great mortgage rate is important, developing a realistic plan on how to manage both your regular payments and unexpected expenses often makes a huge difference in maintaining a comfort level about your overall finances.”

The survey also showed that taxes, closing fees and renovations are top of mind during the home purchase. Annual property taxes were a concern for 37% (47%for those in Montreal) of those surveyed, closing costs (31%) and renovation costs (30%).

Of those surveyed, 44% of recent home buyers felt that they could obtain the best mortgage rate from their primary bank, while 26% felt that they could receive the best rate through a mortgage broker, and 8% felt they could go get the best rate by going to a different (non primary) bank.