Everyone's heard the term "house poor," referring to anyone who spends a large portion of their income on homeownership, leaving little money left for other expenses or small luxuries. It's a classic case of one's eyes being bigger than their stomach.

That's why getting a mortgage pre-approval can be a double-edged sword – it's nice to know what you can afford, but it's awful tempting to go ahead and spend to the maximum you're approved for. However, this decision can leave buyers vulnerable to fluctuations in the housing market or the overall economy.

Getting a mortgage is a straightforward process for many people. However, there are certain buyers whose specific circumstances require a specialized mortgage product.

Kristi Hyson, mortgage associate with Axiom Mortgage Solutions, says some brokers primarily do basic mortgages, so if your needs "don't fit in that box" they might not have a ready solution.