You picked the wrong mortgage consultant.
Choosing the right mortgage consultant is essential to your home financing transaction. Ask questions such as how long has the lender been in the mortgage business? What are their professional credentials? Do they have professional designations and education in the mortgage field? What financial tools do they use to aid in helping clients choose mortgage rates and programs.

Choosing a mortgage consultant that knows their business and market will make a world of difference in your mortgage transaction.

You didn't set a budget  
Buy a home that's way out of your price range and you could well derail your ability to fund other important items such as retirement savings, your kids' education -- not to mention an entertainment budget. Mortgage lenders will tell you how much you can borrow. But that amount may not be what you can afford to pay."What if you have a lot of kids or you like to travel a lot?" he said. "You've got to ask yourself 'How is this housing purchase going to affect our monthly spending?' You have to look at all of your monthly expenditures and be sure your choice in loan program and payment are comfortable for you.

You forgot about closing costs Closing costs, can run 2 to 5 percent of the home's purchase price. A mortgage lender should provide you with a specific estimate of what costs will be. But keep in mind they include such things as origination (points) on a loan, escrow fees, title and homeowners insurance, legal costs, property taxes, fees to record your need deed and notary fees.

You picked the wrong mortgage These days, many homebuyers are rushing to secure a mortgage as fast as possible without fully exploring their options. That's because sellers often only consider bids from individuals who have been pre-approved for a loan. A word of advice? Pick your financing package with care. Among your choices: Fixed Rate Mortgage, Adjustable Rate Mortgage, Baloon Mortgage and many others.