5 Common Mistakes When Applying For A Mortgage
Buying a home is exciting, but it’s not without its challenges. The great thing about the process is that you can make it easier on yourself. By following certain steps and being exceptionally prepared, you can ease your way into the housing market. As a first-time buyer, there are many firsts that come with homeownership, and one of the most important things to start with is applying for a mortgage. To avoid any issues during your application process, keep in mind these five common mistakes.
Making credit mistakes that can hurt your score
First things first: check your credit score! If you have a good credit score, the process will likely go faster, but, that said, even a good credit score can raise red flags. It’s normal to want to do everything at once when buying a new home, like shopping for furniture or things for your home. However, it is best to hold off on these larger purchases until your mortgage rate has been approved, as they can make you look less trustworthy to a lender. If you are trying to raise your credit score, it’s best to avoid making any sudden financial decisions that involve credit. Instead, shop around for a lender who can help you move forward with a mortgage, regardless of your financial situation.
Not getting pre-approved for a mortgage
Skipping the pre-approval process for a mortgage is one of the easiest problems to avoid. Unless you are planning to buy your house in full, you will need to have a mortgage. The mistake that a lot of people make is that they start shopping, find their dream home for sale, and make an offer in haste only for the bank or a lender to turn them down. Getting pre-approved can keep the process fun and exciting, and it will save time in the long run.
Not taking the time to determine your true budget
Congratulations, you were just pre-approved for a mortgage! Now, to ensure you aren’t house poor after your purchase, you must first determine your true budget. Often the bank or lending institution will give you the full amount that they are willing to lend you, but this doesn’t mean it’s the amount you should actually spend. Being house poor means you can’t do things like save for retirement, travel, or even purchase furniture for your new space.
Another thing that can get you into this type of trouble is misunderstanding the true cost of owning a home. Houses for sale include property taxes and home insurance, not to mention the regular cost of utilities. By understanding all costs of homeownership, you can figure out the max amount you can comfortably spend on property investment, while also being able to live.
Accepting the first lender that offers you a loan
Contrary to popular opinion, you don’t have to go to a bank for pre-approval. There are countless other lending institutions and mortgage brokers willing and able to get you a better deal than what might be available to you at a big bank. That said, there is nothing wrong with seeking financing from a larger financial institution like a bank, as they are seasoned vets in this area and can guide you through the entire financial process of applying for and owning a home.
Failing to correct personal errors or reading the fine print
You’ve seen some townhouses for sale and you’re ready to purchase, but have you done all the necessary paperwork? Even if the answer is yes, be sure to go over everything before submitting for a mortgage or entering into buyer negotiations. Incorrect information, even a spelling error, can mean being turned down for financing.
If you buy a home, always read the fine print and know the terms of your mortgage. Failure to comply with all the stipulations of your mortgage can lead to steep fines, a financial surprise you might not have bargained for.
If you’re worried about the process or find you don’t have the time to look over the details, the best thing to do is to hire a great team. At Alex Irish & Associates, we can help you from the beginning to the end of the real estate process, whether you are a homebuyer or seller. Reach out today for more information on mortgage applications!
Alex Irish
CEO & Team Leader - Sales Representative
Alex Irish has been a leading force in real estate for over thirty years, establishing a reputation as one of Oakville’s most respected and successful realtors. Known for her unwavering work ethic and ethical approach, Alex consistently ranks among the top producers in the industry.
Her commitment to client satisfaction is unparalleled, exemplified by her signature concierge service that ensures each client receives personalized and dedicated attention. In late 2016, Alex embraced a new chapter as the Team Leader of Alex Irish & Associates, where she could uphold the high standards of service that have defined her career.
In 2024, Alex expanded her team’s reach by merging with the Regan team to create Regan Irish & Associates, forming a dynamic new firm that blends the strengths of both businesses. This partnership not only enhances their services but also provides clients with greater resources and an expanded network, all while preserving the personal, relationship-driven approach that clients have come to trust.
Alex’s insights on real estate trends are highly sought after, and she has been featured in prominent publications such as the New York Times and Globe & Mail. A certified luxury marketing specialist, she has received numerous accolades throughout her career and frequently speaks at industry conferences.
Every February, Alex and her team at Regan Irish & Associates participate in the Kindness Tour, a tradition launched in 2017. During this month-long initiative, the entire team supports 28 local charities, embodying the company’s commitment to community. In recognition of their efforts, they were nominated for a Community Spirit Award.
At the heart of Alex’s philosophy is the belief in “doing ordinary things extraordinarily well.” She is deeply committed to building lifelong client relationships and takes pride in mentoring a dedicated team of agents while continuing to actively sell real estate.
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FALL MARKET KICKOFF: September 2025 Real Estate Market Update
As summer winds down, the Greater Toronto Area (GTA) real estate market is shifting once again—this time with an important boost from the Bank of Canada’s recent interest rate cut. On September 17, 2025, the Bank lowered its policy interest rate to 2.5%, marking a significant move that is expected to reinvigorate buying activity across the region.
Market Snapshot: August 2025 (TRREB) 
According to the Toronto Regional Real Estate Board (TRREB), August brought encouraging signs of stability:
- Sales: 6,232 transactions across the GTA, a 4.6% increase from August 2024.
- New Listings: 13,119, down slightly year-over-year, helping balance supply.
- Average Selling Price: $982,880, nearly flat compared to last year (+0.4%).
- Trend: Balanced conditions are giving both buyers and sellers room to maneuver, with the recent rate cut expected to stimulate fall demand.
City & Regional Highlights
Toronto 
Toronto continues to see steady demand for condos and townhomes, appealing to buyers looking for affordability in the core. Detached homes are moving more cautiously, but price stability suggests confidence returning to the market.
Mississauga 
Mississauga remains a buyer-friendly market, especially in the detached and semi-detached segments. With borrowing costs easing, families upsizing or relocating may find strong value in the fall.
Oakville 
Luxury demand in Oakville is regaining traction. The combination of limited inventory and lower financing costs positions this market for an active fall season, especially for executive homes and lakefront properties.
Burlington 
Burlington continues to attract buyers migrating west from Toronto. The city’s blend of affordability, lifestyle, and community feel has kept prices steady and competitive.
Muskoka 
Cottage country remains strong, with buyers eyeing investment properties and second homes. While activity softened slightly through the summer, the rate drop could encourage more buyers to act before year-end.
What This Means for Buyers & Sellers
With interest rates now at their lowest level in two years, affordability is improving across the GTA and Muskoka. Buyers who were waiting on the sidelines are expected to re-enter the market this fall, while sellers may benefit from increased competition for well-priced homes.
At Regan Irish & Associates, we specialize in helping clients navigate market shifts with confidence. Whether you’re buying a luxury home, selling a family property, or investing in Muskoka, our market insight and negotiation expertise ensure you get the best results.
1320 Cornwall Rd Unit 103, Oakville, ON L6J 7W5
905.842.7677
Visit reganirish.com——
August 2025 GTA Real Estate Market Update | Regan Irish
The August 2025 GTA Real Estate Market Update reflects renewed momentum and affordability in Toronto, Oakville, Mississauga, Burlington, and Muskoka. Thanks to steady interest rates and appealing home prices, July proved surprisingly dynamic. Let’s dig into the numbers and what they mean for you.
Interest Rates Remain Stable — Affordability Fueling Activity
In July 2025, the Bank of Canada maintained its key rate at 2.75%, its third consecutive pause. With lower borrowing costs now more accessible, affordability is encouraging a wave of renewed buyer activity.
GTA Market Overview: Sales Surge, Prices Slightly Dip
- Home Sales: 6,100+ transactions region-wide, marking a 10.9% increase YoY and the strongest July since 2021.
- Month-over-Month: Seasonally adjusted sales rose 13% from June to approximately 5,744 units, the biggest monthly gain in nine months.
- New Listings: Up 5.7% YoY, totaling 17,613 new offers.
- Price Trends:
- The MLS® Home Price Index (HPI) Composite Benchmark fell 5.4% YoY.
- The average GTA selling price dropped 5.5% YoY to around $1,051,719.
- Word on the street indicates the HPI drifted slightly lower—about $979,000, down 0.2% from June.
What It Adds Up To: Buyers are back in force—sales are outpacing new listings while prices softened, creating renewed market opportunities.
City Highlights
Toronto
A more balanced landscape—but some segments remain soft. Condos and detached homes see inventory rising; semis are steadier.
Oakville, Mississauga, Burlington & Muskoka
While TRREB doesn’t break down by city in these reports, regional trends suggest:
- Mississauga & Burlington: Strong rise in listings and dipping average prices give buyers leverage.
- Oakville: Stability in demand for luxury keeps discounts modest.
- Muskoka: Continued strong interest in sub-$2M waterfront properties should benefit from broader GTA momentum.
What This Means for You
- For Buyers:
Renewed affordability, rising inventory, and favorable interest rates make August a prime time to move. - For Sellers:
A more balanced market—strategic pricing and quick response will be key to success. - For Investors & Cottage Buyers:
Strong July sales in the GTA point to increasing investor interest; Muskoka remains a high-value lifestyle and investment destination.
Work With the GTA Real Estate Experts
Whether you’re planning to buy a Muskoka cottage, invest in a luxurious Oakville property, or explore options across Toronto, Mississauga, or Burlington, now is the time to act.
Regan Irish & Associates specializes in luxury, resale, and investment properties across the GTA and Muskoka. Our market insight and negotiation skills help you get the best results—whether buying, selling, or investing.
1320 Cornwall Rd Unit 103, Oakville, ON L6J 7W5
905.842.7677
Visit reganirish.com
Let’s make today’s market your opportunity—contact us today!
