Getting approved for a mortgage doesn’t need to be stressful — but many buyers make mistakes that slow the process, increase costs, or hurt their approval. Avoiding these pitfalls can save time, money, and unnecessary frustration.

Here are the 5 most common mistakes to watch out for 👇

1️⃣ Thinking the bank is your best (or only) option

Many buyers assume they must walk into their bank for a mortgage. 

✔️ banks only offer their own products 

✔️ limited approval flexibility 

✔️ fewer rate and term options 

Mortgage brokers shop multiple lenders at once — often securing better rates, better terms, and better solutions tailored to your profile.

2️⃣ Not knowing your credit score

Your credit score is one of the first things lenders evaluate. 

✔️ impacts approval 

✔️ impacts interest rates 

✔️ impacts how much you qualify for 

A broker can pull your full credit report in minutes and review it with you to ensure accuracy before any lender evaluates your file.

3️⃣ Applying with too many lenders directly

Multiple applications can damage your score and create red flags. 

✔️ each application triggers a hard inquiry 

✔️ several inquiries in a short time signals risk 

✔️ approvals may be affected 

Working with a broker prevents this — your credit is pulled once and used for all lenders they access.

4️⃣ Not filing taxes or falling behind on CRA requirements

If your tax filings aren’t up to date, lenders may not approve your mortgage. 

✔️ especially critical for self-employed borrowers 

✔️ lenders require recent Notices of Assessment 

✔️ missing filings can halt or block approval 

Income verification must be current and properly documented before financing can move forward.

5️⃣ Assuming today’s affordability will stay the same forever

The market evolves — and so do lending rules. 

✔️ stress-test rules affect borrowing power 

✔️ renewal rates may be higher later 

✔️ government regulations can change 

It’s important to leave financial breathing room. Qualifying today doesn’t guarantee the same affordability at renewal.

💬 Final Thought

Securing a mortgage isn’t just about finding the lowest rate — it’s about long-term stability, smart planning, and understanding how lenders assess risk. Avoiding these common mistakes puts buyers in a stronger position and helps them move into homeownership with confidence.

For a personalized mortgage readiness review, send The Frontline Mortgage Group a message anytime.