Getting a mortgage can be complicated and stressful. Here are 6 common mistakes that can stand in the way of financing:

Waiting for a 20% down payment

A 20% down payment lets you avoid paying the mortgage default insurance premium. (CMHC, Genworth, etc.). While you’re saving, home prices and mortgage rates continue to fluctuate. Increasing prices and mortgage rates would make financing harder to get. It’s a good idea to speak with a mortgage professional to see what you can afford.

Taking the first mortgage you’re offered

Talking to just one lender can be expensive. You’re much better off talking to a mortgage broker who has access to multiple lenders and more competitive rates.

Not getting pre-approved.

Being pre-approved for financing tells you exactly what you can afford and makes sellers more likely to accept your offer.

Changing jobs

Lenders want to see consistent income history, so don’t change jobs while applying for a mortgage.

Moving money around.

Make sure you have your savings in place BEFORE applying for a mortgage. When underwriters see money moving in and out of accounts, they get nervous.

Applying for other credit

Whenever you apply for a line of credit or credit card, your credit score drops. Get all these financial tools in place well before applying for a mortgage.