Getting a mortgage is often seen as the most challenging aspect of purchasing a home, with mistakes potentially costing buyers time and money. Some common errors include waiting to save a 20% down payment, meeting with only one lender, opting for pre-qualification instead of pre-approval, moving money around during the buying process, applying for new credit lines, and changing jobs. Each of these actions can jeopardize the approval process, affect loan terms, or delay closing. It's crucial for buyers to understand these risks and manage their finances carefully to secure the best mortgage deal and smoothly transition into homeownership.
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