Buying a home can be a complex process, especially when it comes to getting a mortgage, and because it’s so complex, many people make mistakes along the way. But messing up your mortgage can cost you in a major way, and could even put your home purchase in jeopardy.

So, the question is, what are the common mistakes people make when getting a mortgage, and how can you avoid them when buying your home?

A recent article from realtor.com outlined different mistakes home buyers make when getting a mortgage, including:

• Waiting to buy a home until they have a 20 percent down payment. Having a 20 percent down payment (or more) is certainly ideal when buying a home, as it allows you to avoid paying private mortgage insurance (PMI). But it’s not an absolute must, and sometimes, if you wait to make a move until you hit the 20 percent savings mark, you run the risk of interest rates rising in the future, which can end up increasing the costs over the life of your loan even more than paying PMI would have. Instead, talk to your lender to see what your options are, and assess if it makes sense for you to buy with your current savings and lock in a lower interest rate.

• Meeting with only one lender. If you only meet with one mortgage lender — which, according to the article, is about 50 percent of all homebuyers in the US — you could be missing out on potential savings. Different lenders offer different interest rates, and if you only speak to one lender, you don’t know if you’d be able to get a more competitive rate elsewhere. To ensure you’re getting the best possible deal on your mortgage, aim to talk to three lenders; then, you can compare their offers (including interest rates and loan fees) to determine which is the best option for you.

• Changing jobs. If you’re considering applying for a mortgage, it’s best to wait until after you’ve closed on your new home. Lenders typically want to see at least two years of consistent employment and income history, and changing jobs right before or during the lending process could put your ability to secure a mortgage at risk. If it’s at all possible, wait until after you’ve successfully purchased a home to switch jobs.

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