Six Common Mortgage Mistakes

Many Ontario homebuyers fall into the same costly traps when arranging their mortgages. Here are six common mistakes—and how to avoid them:

1. Skipping pre-approval
Without a mortgage pre-approval, your budget and targets can shift suddenly. You might overlook homes that actually fit your price range—or chase ones that don’t, especially during multiple-offer situations.

2. Underestimating extra costs
Expenses such as property tax adjustments, insurance, and closing fees often catch buyers off-guard and stretch budgets thin. HST on new homes is another surprise for many buyers, especially those purchasing an investment property.

3. Ignoring future planning
Choosing mortgage terms or payment types without considering future goals—like family or income changes, or potential moves—can create long-term challenges.

4. Rushing into a rate or term
Picking the first rate offer without comparing options or understanding penalties for breaking early can lead to higher costs later.

5. Missing key documents before making an offer
Today’s mortgage approvals are fully document-based. Be ready with your detailed income proof and down payment proof with 90-day history to expedite approval.

6. Accepting the highest approved amount
Getting approved for a large mortgage doesn’t mean you should borrow the full amount. Overstretching will put undue monthly pressure to make mortgage payments—often at the expense of your normal standard of living.

By preparing early and avoiding these pitfalls, you’ll streamline your buying experience and secure your mortgage with confidence.

👉 For a step-by-step preparation guide and personalized advice, visit MortgageMaurice.ca — smarter, stress-free mortgage solutions for Ontario homeowners. For pre-approval, visit https://mortgagemaurice.ca/apply/