When getting a home mortgage loan, it's easy to make mistakes that can cost you in the long run. And since you are dealing with such a large amounts of money, the mistakes can be very expensive. However, a little forethought can usually help you avoid these mistakes and pitfalls that many borrowers make.

1. A very common home mortgage loan mistake is trying to qualify for the absolute biggest loan that a person possibly can. Although there are general guidelines that most lenders follow in order to qualify consumers for a loan, the sad truth is that they will often bend these guidelines greatly in order to write the mortgage. The feeling among many lenders is that they are confident that most consumers will sacrifice on almost all other expenses in order to still be able to make their mortgage payments. Since lenders are not going to exercise restraint with regard to the mortgage loan you can qualify for, you will need to exercise that kind of restraint for yourself instead. So avoid this very expensive mistake by establishing a budget for your entire home expenses that does not exceed more than 25% to 30% of your monthly income.

2. Some mistakes that are made on your credit history can be very costly when you go to get your home mortgage loan as well. Here is where your credit score can cost you very dearly if you haven't maintained it at the highest level possible. So well before you intend to buy a new home, run your credit history and remove any errors that you find there so you can get your credit score as high as possible to be able to get the best mortgage loan rates and terms that you can. This one simple act can save you many thousands of dollars over the life of the loan.

3. Another common mistake is not planning enough money for closing costs when the papers are signed. Closing costs can be very expensive, involving several thousand dollars. In order to be as prepared as possible for the closing, get an estimate from your lender well in advance as to what your total closing costs should be. Then set this money aside and make sure that it is not used for anything before the actual close of the deal.

4. Closely related to trying to qualify for the highest loan possible, is spending all of your available money just to get into a home mortgage. This is a very bad idea as there are often unforeseen situations in a home that may require attention. If all of your resources are tapped out, you'll most likely not be able to take care of these emergencies when they arise. So the general recommendation is to have at least three months of mortgage payment in the bank after closing on your home in order to have enough reserves to handle any unpleasant surprises after the sale.

When dealing with this much money it is important to be smart and wise about how you handle your finances. Not planning ahead and doing your homework will most likely cost you quite a bit. On the other hand, if you follow the suggestions given above, they should help you ovoid some of the most common mistakes that home buyers make when they get a home mortgage loan.

Steadman Issenburg writes on many consumer related topics including real estate. You can find out about low interest mortgage rates and compare mortage rates online and more by visiting our Real Estate website.