Whether you're applying for your first home loan or you're refinancing your existing loan, it can be overwhelming. Mortgages require a lot of paperwork and present many financial terms that not all borrowers are familiar with. By understanding the common mistakes that we're going to discuss below, you can better prepare for getting a flawless home loan. Paying Off Debts Right Before Applying It's natural to want to pay off existing debts that you have before applying for the large debt of a mortgage. However, that's not always the best move to make. Paying off old debt and using a large amount of your savings can have a negative impact on your mortgage application. It's very common for a credit score to drop for a short period of time when an old debt is paid off. Instead of paying debts off right before applying, do so about six months before [...]