A home loan is the biggest debt and monthly expense most of us will ever have. Avoiding the mistakes below when shopping for your mortgage we'll save you money and aggravation.

Mortgage Mistake 1. Not shopping around for the best deal.
Finding the right combination of a low mortgage rate and reasonable fees can shave thousands of dollars off your closing costs and monthly payments. But you'll never know whether you got a great deal if you only get one quote.

Mortgage Mistake 2. Applying for a loan without checking your credit reports for errors.
Three out of every four credit reports contain erroneous information that can make it more difficult to qualify for a loan or obtain the best possible interest rate. Legally you are allowed a free credit report from each of the three major credit reporting bureaus, available at AnnualCreditReport.com.

Mortgage Mistake 3. Not getting preapproved for a loan.
An important 'free' reality check is having your lender look at your credit history, income,savings and debts to determine how much you're qualified to borrow. If you can't get preapproved, or can't get preapproved for as much as you want to borrow, that's a big red flag.

Mortgage Mistake 4. Saddling yourself with payments you can't afford.
Looking at all of your bills realistically and decide how much you can comfortably spend. Include an estimate for taxes, insurance and condo or association fees. From that, calculate the amount that could be borrowed at prevailing mortgage interest rates. Add the size of the down payment and run these numbers through a home mortgage calculator for the price you can afford.

Mortgage Mistake 5. Not having a rainy day fund.
Moving in to a new home is expensive and you'll need money to buy everything from furniture and curtains to lawn mowers and ladders. Home repairs aren't cheap either. You should also be able to cover at least six months of living expenses, so that you won't default on the mortgage if you get laid-off or become ill and can't work.

Mortgage Mistake 6. Ignoring state programs for first-time home buyers.
Virtually every state offers some sort of assistance for first-time buyers. From low-cost mortgages to down payment assistance and tax credits, these programs can lower monthly payments, provide cash for closing and help you seal the deal.

Mortgage Mistake 7. Missing nasty surprises in your good faith estimate.
Taking a careful look at your GFE allows you to confirm that the loan you're being promised is the loan you're actually getting. Lenders are required to provide borrowers with a good faith estimate that summarizes all of the key terms of your mortgage, from interest rates to closing costs.