Navigating the complex world of mortgages can be difficult. As a result, it's easy to make mistakes when applying for a mortgage loan.
Here are some common mortgage mistakes you should try to avoid:
· Taking on a mortgage that is too big for you to handle. The mortgage you are qualified or preapproved for isn't necessarily how much you can afford. Be sure to examine your budget and lifestyle to make sure that your mortgage payment--including any extras, such as mortgage insurance--is within your means.
· Neglecting to read the fine print. Before you sign any paperwork, make sure that you fully understand the terms of your mortgage loan and the costs associated with it. For example, are you are applying for an adjustable-rate mortgage? If so, it's important to be aware of how and when the interest rate for the loan will adjust.