Learn From Others' Mistakes
After helping hundreds of borrowers, The Taberne Group has seen every mistake in the book. Here are the 10 most common — and how to avoid them.
1. Not Getting Pre-Approved First
Shopping for homes without a pre-approval wastes time and puts you at a disadvantage in competitive markets. Get pre-approved before you start looking.
2. Making Large Purchases Before Closing
Buying a car, furniture, or appliances on credit before closing can change your debt-to-income ratio and potentially kill your loan approval. Wait until after closing.
3. Changing Jobs During the Process
Lenders verify employment right before closing. A job change — especially to a different industry or from W-2 to self-employed — can delay or derail your loan.
4. Not Shopping for Rates
Different lenders offer different rates and fees. Even a 0.25% difference in rate can mean thousands over the life of your loan. Get at least 2-3 quotes.
5. Ignoring Closing Costs
Your down payment isn't your only expense. Budget an additional 2-5% for closing costs to avoid surprises.
6. Draining Your Savings
Lenders require cash reserves after closing. Don't put every dollar toward the down payment — you need a financial cushion.
7. Co-Signing Without Understanding the Risk
Co-signing makes you equally responsible for the debt. It also affects your ability to qualify for your own mortgage.
8. Not Understanding Your Loan Terms
Know whether your rate is fixed or adjustable, what your PMI costs, and whether there are prepayment penalties. Read every document.
9. Skipping the Home Inspection
Even in competitive markets, skipping the inspection is risky. A bad inspection can save you from a money pit.
10. Not Working with a Local Expert
National online lenders may offer low rates but lack local market knowledge and personalized service. A local team like The Taberne Group understands PA and NJ regulations, programs, and market conditions.
The Bottom Line
Most mortgage mistakes come from lack of preparation or poor communication with your lender. The Taberne Group keeps you informed and guided through every step.