After owning a home or two, many buyers feel they know the mortgage playbook. Yet seasoned shoppers still lose time, money, or even the house they love because of small oversights. Below are seven common missteps our loan team sees every week and how partnering early with a knowledgeable lender can keep your next purchase on track.
1. Assuming the Same Rules Still Apply
Credit‑score cutoffs, debt‑to‑income (DTI) limits, and acceptable documents can keep updating. Relying on guidelines from your last loan five years ago can trigger surprises at loan review. A quick call with us before house‑hunting resets expectations and prevents stress later.
2. Moving Money Without a Paper Trail
Large transfers in the 60 days before application raise questions. Keep deposits clear: transfer once, save screenshots, and share the story with your loan officer so they can add a simple note of explanation.
3. Opening or Co‑Signing New Credit
Buying a new asset or a loan may look harmless, but the new payment can bump your DTI above the limit. Press pause on fresh credit until the keys are in your hand.
4. Forgetting About Deferred Student Loans
Even if payments are paused, most programs still count a set amount against your DTI. Your lender can estimate the impact and suggest moves such as income‑based plans before you apply.
5. Skipping a Credit Update
Errors like an old medical bill shrink scores and raise rates. Pulling a soft‑pull mortgage checkup months ahead gives time to dispute mistakes and pick up a few quick points.
6. Low‑Balling Closing Costs
Repeat buyers remember the down payment but forget taxes, insurance, and prepaid interest. Requesting a detailed fee worksheet early keeps your cash plan realistic.
7. Letting Your Pre‑Approval Expire
Most letters last 60–90 days. Mark the date on your calendar and refresh it so sellers see you as rock‑solid in a fast market.
Experience is valuable, yet the mortgage world evolves daily. By speaking with us, reviewing your complete financial picture together, and avoiding the pitfalls above, you set yourself up for a smooth approval, stronger bargaining power, and a confident closing on your next dream home. Even small tweaks today can lower your payment for decades and protect your long‑term wealth.
