Common mortgage mistakes to avoid

Buying your dream home is exciting stuff, but it can also be overwhelming and stressful. One of the most critical parts of the home buying process is securing a mortgage. It’s not unusual for people to make mistakes during their mortgage application process, which can be costly and time-consuming. In this blog post, we are going to walk you through the common mortgage mistakes to avoid and why you should consider getting help from FVB de Boer.

1. Not checking your credit score in advance

Before you start applying for a mortgage, it’s essential to know your credit score. A good credit score will help you secure a mortgage with ideal terms and interest rates. Many people make the mistake of assuming their credit score is good, only to discover too late that they have outstanding debts that lower their score. To avoid this mistake, check your credit report in advance.

2. Not calculating your budget correctly

Another common mistake is failing to calculate your budget correctly. It’s crucial to determine how much mortgage you can afford based on your income, expenses, and lifestyle. Make sure you consider all the associated costs like property taxes, homeowners’ insurance, and closing costs. It’s easy to underestimate or overlook these costs, which can derail your mortgage application.

3. Applying for multiple mortgages

Avoid applying for multiple mortgages with different lenders concurrently. Every time you apply for a mortgage, lenders will request a copy of your credit report and score, which can temporarily lower your credit score. If you submit too many applications within a short period, lenders may see this as risky behaviour and decline your application. 

4. Not seeking professional help

Buying a home is one of the biggest investments you’ll ever make, and securing a mortgage can be a complex and challenging process. It’s essential to seek professional help from a mortgage broker like FVB de Boer. Our expert team can help you navigate the mortgage application process, answer questions, and provide valuable insights. We can also suggest mortgage options that best suit your financial goals and situation.