You haven’t sealed the deal just yet. So, how do you make sure your lender doesn’t change their mind?
Being pre-approved is like seeing the finish line at the end of a race. All the training and preparation you did to get here, all of it is about to pay off. However, you’re not home free yet. As you approach the finish line, here are some things you should avoid.
Additional Credit Pulls
Multiple credit pulls can affect your credit score and jeopardize your approval status.
This means no new purchases that require new debt on credit. For example, a new car. New debt on credit has to be included in the debt-to-income ratios on your loan, which may affect your credit score and thus your approval status.
Missed or Late Payments
Any late or missed payments by 30 days will affect your credit score. Therefore, be sure to pay all your bills on time.
Changes in Employment
A job loss or change may affect your lender’s approval. Please ask your lender for advisement.
Now that you’re on the last leg of your journey, make sure you finish strong. You’ve worked so hard and done so much to get this far, so we want to ensure you maintain your good pre-approval status.
Keep up the good work and if you ever need support, don’t be afraid to reach out.