5 common mortgage mistakes to avoid

Not Shopping Around for a Mortgage: Failing to shop around for a mortgage can result in higher interest rates and fees. It's important to compare offers from different lenders to get the best deal.

Not Getting Pre-Approved: Getting pre-approved for a mortgage can help you understand how much you can afford and give you an advantage in a competitive market. Not being pre-approved can result in losing out on a home or paying more for a mortgage.

Choosing the Wrong Type of Mortgage: There are various types of mortgages available, and it's important to choose the one that best fits your needs. For example, an adjustable-rate mortgage may have a lower initial interest rate but can become more expensive over time.

Not Budgeting for Closing Costs: Closing costs can add up quickly, and it's important to budget for them when planning to buy a home. Not budgeting for closing costs can result in unexpected expenses and add to the overall cost of the mortgage.

Taking on More Debt During the Mortgage Process: It's important to avoid taking on additional debt, such as a car loan or credit card debt, during the mortgage process. Taking on more debt can lower your credit score and impact your ability to get approved for a mortgage or result in a higher interest rate.