Getting a mortgage doesn’t have to be a hassle. When we don’t educate ourselves about the ups and downs of getting a mortgage, we make bad decisions. You can only research for what fits your life. Everyone doesn’t sign the same kind of mortgage. Some people with better credit scores get lower down payments. Others who have a sketchy financial background might struggle to get approved. Here are some of the common mistakes and tips for getting a mortgage:

1. Credit score or rating
We all can be honest that those with perfect credit will get the great perks in life. When it comes to getting a mortgage for a house, your score plays a big part in the down payment. Upon applying, you will have to share your credit score with the lender. The best thing you can do for yourself is to check it before talking to any financial institution. This way, you don’t waste anyone’s time. In other words, if you know your score is below 400, then work towards cleaning up your credit. It will be very difficult for you to get a home with that low of a score.

2. Down payment
Every home starts with the down payment. Make sure you can afford it. Carve out some money each week for your future home’s down payment. Be realistic so you can stay on track and make the savings count. Set a goal chart telling yourself you need a certain amount saved by Christmas or the Summer. These will keep you encouraged and motivated when you want to spend and can’t. Find first time homebuyers programs that offer help with paying down payments on a home. It’s possible you might qualify.

3. Pay down debt
Before going for the mortgage application, pay off some debt. It’s embarrassing for someone else to see all the blemishes on your credit and large debt. It shows irresponsibility on your part, especially when all you had to do was request a free credit report. Examine the report and hack a plan to pay down all debt. Figure how much you can spare from your salary to get your debt decreased. It might not take as long as you think.

4. Mortgage approval
Strive to get mortgage approval when you have your score in a decent range, bills are paid off and all personal documents are in order. This can pave the way for a mortgage pre-approval right into your first house. Many don’t understand this process. They assume they might as well just apply and see what happens. Your unlikely to get any approval when your financial health is deteriorating around you.

5. Stay on budget
Sit down and begin analyzing your expense and salary. Create a budget that is realistic. Too many people dream of their first house, but their spending is all over the place. Credit card balances are through the roof. Your expenses exceed your paycheck every month. If you want a mortgage, you’ll need to control spending and stay on budget. This means you have to scale back. You must begin to let go of things you don’t need. If it’s not a necessity to your life, then stop paying for it. Many people are surprised and embarrassed at the same time when discovering how much money they waste.