It is no secret that a mortgage is the biggest financial liability people carry. A mortgage lasts through one’s active working years and maybe even a few years beyond that. As a result, it is essential to manage this debt well. The first step to a successful mortgage management is to know what mistakes should be avoided.

To help you out, here is a list of 4 common mistakes made when getting a mortgage.

• Not shopping around
  Studies show that most mortgage applicants forget to compare lenders before applying for a mortgage. This is mainly due to the tedious process of inquiring. Most buyers get eager when they finalize a home and want to end the financial process before it can start. They may often go with the first mortgage lender they get without taking a look at other options.
  Always remember to shop around for the best rates. This may sound like a lot of trouble but will actually save you from money and regret later.
• Becoming cash-strapped due to mortgage
  It is a sad fact that most people opt for homes and mortgages that are way beyond their means. This leaves them with little to no money for other important expenses, such as car repairs or their children’s college fund. According to financial experts, the ideal percentage to allot to a mortgage should be around or less than 28% of your annual income pre-tax. This means that if you earn USD 84,000/year, your monthly mortgage payments should never exceed USD 1,960.
  Ensuring you make the right decision about how much mortgage you can afford, will see your house as a source of happiness rather than a cause of misery.
• Forgetting about VA loans
  Veterans or anyone on active duty can qualify for this type of mortgage. It would be a mistake to not utilize this option. VA loans come with huge benefits such as no down payment on homes costing up to USD 417,000 and also no mortgage insurance. This helps buyers save plenty of money on monthly premiums.
  Finally, VA loans offer fabulous interest rates even if the applicant has a low credit score. Now, this is worth considering.
• Not fixing bad credit
  Your credit score is one of the most vital elements when it comes to determining your mortgage rate. It also determines if you qualify for a mortgage. Neglecting this point can lead to rejection or a bad deal. Though this is an important point, it is also surprisingly one of the most common mistakes made when getting a mortgage.
  So, before applying for a mortgage make sure you check with credit bureaus (TransUnion, Equifax, and Experian) about your credit scores. Moreover, remember to dispute anything that seems out of order and get issues fixed in your report even before considering a mortgage application.