A home mortgage is the most common way for people to get the funds to buy a home. At the same time, there are many common mistakes made when getting a mortgage, especially by people who have no prior experience of buying a house or taking a mortgage. Read on to find out some of these common mistakes and how to avoid making them:

• Not making a down payment
  One of the common mistakes made when getting a mortgage is not making a down payment. Many lenders attract home buyers by promising a loan without a down payment, and those who don’t have sufficient funds are tempted by this offer.
  However, the interest rate is likely to go up if a mortgage is taken without a down payment. Those who have not made a down payment may even walk away from the loan within a few months. This can lead to a foreclosure and can severely affect their credit score.
• Taking a long-term loan
  Home mortgages are available for long durations are usually taken for 30 years. Some lenders also offer mortgages for 40 years, and this may seem attractive as it has a lower monthly interest. The borrower also has more time to repay the loan, but they end up paying more interest in the long run. While it is a good option for those in their 20s, it is not the same for those in their 40s.
• Getting only one quote
  The biggest and most common mistake made by a homeowner when getting a mortgage is to get only one quote from a lender. Not comparing quotes can be a costly mistake and can lead to a situation where they end up with a bad deal and pay a higher interest.
• Not considering repair costs
  Repair or renovation work may be required when a home is purchased, and failing to estimate this is a costly but common mistake made when getting a mortgage. After settling in, the monthly repair bills may go on increasing, and this might affect the borrower’s ability to keep up with the mortgage payments.
• Taking another credit quickly
  The euphoria of buying a new home tempts people to invest in something else like buying a new car or going on a foreign vacation. However, when additional credit is taken for this, the monthly payments increase drastically. Most people miscalculate this, ending up in a financial mess.
• Changing jobs before closure
  A big mistake many people make is to change jobs before the mortgage is closed. Lenders like to see applicants stick to a job for a few years, and the borrower changing a job and deciding to start a business may make the lender feel that they may not repay the loan in time. It can lead to a revision in the mortgage terms or even rejection of the application. This is something to be careful about as it is a common mistake made when getting a mortgage.
• Not having a good credit score
  A bad credit score can also affect the mortgage and might lead to a higher interest rate. Well before buying a home, one needs to work on improving their credit score to get the best mortgage terms.