Common mortgage mistakes to avoid

Not checking credit score: Your credit score can have a big impact on the mortgage rates that you qualify for. It's important to check your credit score and address any issues before applying for a mortgage.

Not getting pre-approved: Getting pre-approved for a mortgage can help you determine how much you can afford to borrow and give you an advantage when it comes to making an offer on a home.

Not shopping around: It's important to shop around and compare rates from multiple lenders to find the best mortgage for your needs. Don't settle for the first offer you receive.

Not considering all the costs: When buying a home, there may be additional costs to consider beyond the mortgage payment, such as property taxes, insurance, and maintenance. Be sure to factor these costs into your budget.

Taking on too much debt: It's important to avoid taking on too much debt when buying a home. Make sure that your mortgage payment, including taxes and insurance, is not more than 28% of your monthly income.

Making big purchases before closing: Avoid making any major purchases, such as a car or furniture, before closing on a home. This can impact your credit score and debt-to-income ratio, which could impact your ability to qualify for a mortgage.



Not reading the fine print: Before signing a mortgage agreement, be sure to read the fine print and understand the terms and conditions. If you have questions, ask your lender or a real estate attorney.

By avoiding these common mortgage mistakes, you can increase your chances of getting approved for a mortgage and finding the right home for your needs and budget.