Obtaining a mortgage is perhaps one of the most complex decisions of your life; nevertheless, it is also one of the most important. With the length of time it takes to buy a home, and all of the different steps you need to complete throughout the process, many mistakes are made by potential homebuyers. NewsNotes spoke with MCU's Mortgage Loan Originators to find out some of the most common mistakes made during the home buying process, as well as some tips to avoid these costly errors.

Mistake: Not knowing your credit score. Some people do not realize their credit is too poor for them to buy a home and obtain a mortgage. In other instances, some people just assume they have poor credit, and do not realize their credit is good enough for them to obtain a mortgage at a good rate.

Tip: Don't just know your credit score; understand what that means regarding your potential as a home-owner. Education classes (such as MCU First Time Home Buyer's Seminar) are a great way to better understand how your score affects you in the home buying process.

Mistake: Assuming your down payment is the only upfront cost associated with buying a home. There are many fees and closing costs that need to be paid along with the down payment.

Tip: Know your budget when shopping for your home, and make sure to include additional costs when budgeting for your home purchase. And shop around when looking for your mortgage. In some instances, institutions will waive some closing costs and fees to help keep your initial payment low.

Mistake: Not knowing about all costs of home ownership in the neighborhood(s) where you are looking to buy. The cost of your home is more than just the price of the house.

Tip: Do research and find out the cost of property taxes, Homeowners Association fee, Plan Unit development fees, Homeowners Insurance, and other costs that will affect how much you can actually afford.

Mistake: Having an unrealistic view of the mortgage process timeline. The process usually takes 30—45 days to close after receiving necessary documentation, not 30—45 days from the initial contact with the loan officer.

Tip: Plan effectively. Know that the process is just that, a process. Understand that your financial activity during this time period can affect your credit, which can affect your capacity to be a homeowner in the lender's eyes.

Mistake: Taking referrals from your Real Estate Agent for banks/loan officers, attorneys and other important people in the home buying process.This likely means the real estate agent has a working relationship with these people, which could mean higher costs for you.

Tip: Find a family member or friend who recently purchased a home, and ask them for the financial institution and attorney they worked with. And always make sure you trust the people you are working with.