What NOT to Do After You’re Pre-Approved
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 preparing you did to get your credit score up, all the skimping and saving and eating generic ice cream you did to scrape enough money together for your down payment, all of it is about to pay off. All of it has resulted in you getting a pre-approval.
However, you’re NOT home free yet. As you approach the finish line, the closing on a house, here are some things you should avoid doing. Basically, in the mortgage industry, these are the equivalent of leaving your shoelaces untied.
NO Additional Credit Pulls
Multiple credit pulls can affect your credit score and jeopardize your approval status.
NO Major Purchases
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 approval and credit score
NO Missed or Late Payments
Any late or missed payments by 30 days will affect your credit score so be sure to pay all your bills on time.
NO Changes in Employment
A job loss or change may affect your lender’s approval. Please ask your lender for advisement.
Now that you’re rounding up on the last leg of your race, we at SYOM want to 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.