Buying a new house for the first time is a bit overwhelming. With all the documentation and processes to follow, it can get somewhat intimidating as well. However, avoiding some common mistakes made when getting a mortgage can streamline the way ahead and ease things for you.

If you are a first-time homebuyer, applying for a mortgage can seem to be relatively more cumbersome than it may seem to others, but that is no excuse for a lender to not reject your mortgage application. Let’s take a look at some common mistakes made when getting a mortgage so that you can steer clear of these.

• Not having a pre-approval
  If you are not getting a pre-approval, it can prove to be a big roadblock in the process of getting a mortgage for your home. For first-time buyers, it is helpful to know the budget beforehand as it can help adjust the expectations and other expenses before taking a mortgage loan. Also, in most cases, first-time buyers are not fully aware of their credit score. Getting the amount pre-approved helps buyers become aware of their credit score and also learn about the terms and conditions that will be offered while getting a mortgage loan.
• Not taking credit issues seriously
  This is another common mistake made when people are buying a house or getting a mortgage for the first time. First-time homebuyers tend to ignore their credit issues, which include not paying off their debts, bills, and credit cards. What they do not realize is that these unpaid debts keep piling up and eventually hurt their credit score badly. The credit score is the most important factor, based on which your mortgage loan application is approved or rejected. Thankfully, any issues with the credit can be easily fixed before you start applying for a mortgage loan. It is just important to take notice and start working toward these goals early.
• Assuming the down payment
  First-time homebuyers often tend to think that they need more money for the initial payment than is required, but homebuyers can get a deal in which the down payment is as low as 3 to 4 percent. Also, they need to consider that as the flow of the market changes, the percentage of the down payment also keeps going lower. Do not panic about whether you can afford the down payment; chances are that it will be way less than you imagined.
• Not roping in an efficient real estate agent
  When you are a first-time homebuyer, you must rope in an agent in real estate who is good at their job. Sadly, there will be times when you come across agents who are only in it to make money and may not ensure that you get a good deal. Do not settle for the first real estate agent you meet; look around and also try to read up reviews online.