Getting a mortgage is a big event in your life. There are a lot of aspects to obtaining a mortgage and if you aren’t prepared you could make some costly mistakes. Here are some of the most common mistakes borrowers make when getting a mortgage.

One of the biggest mistakes is not reviewing your credit report in advance. If you review your credit report and FICO score before trying to get a mortgage you’ll have a better understanding of your chances to get a loan and what types of interest rates you’ll be looking at. Then, if your credit report is less than desirable you can take actions to improve it, thereby lowering your interest rates.

Another common mistake is not getting pre-approved for a mortgage. A pre-approval will give you an idea of how much of a mortgage loan you’ll be able to get. This helps you determine what houses you can afford.

A third common mistake is not shopping around, or not shopping around well. There are tons of sources for mortgage loans – look into a few rather than just going with what’s convenient or a friend’s recommendation. And be sure to shop by more than just interest rate alone. A low rate isn’t always the best deal. There may be high fees involved with a low rate or a rate increase later down the road. Consider all points of a mortgage before deciding on one.

Also, don’t let lenders influence how much you borrow. Although they are experts at what they do, you should be an expert at assessing your monthly expenses and determining how much you can pay towards a mortgage each month. Lenders will tell you how much you qualify for, but that doesn’t always mean you should take the entire amount available. Only borrow what you can comfortably pay back.

Finally, make sure you understand all of the terminology and conditions. And if you don’t, ask questions. Your loan will include lots of technical jargon, various closing costs and loan terms and conditions. Know what all of these are to avoid any surprises down the road.

If any of these are confusing talk with your lender or another expert and ask questions until they are all clear. It’s important to avoid unnecessary charges or problems with your mortgage by doing so.