Once approved, home buyers believe that they are all done with the mortgage process and fail to understand that any change in your information / situation can affect your mortgage approval.
Even a small change in the wrong direction could change a pre-approval to a declined, or can have a potential delay in loan closing
Here’s a list of mistakes to avoid:
a. Don’t apply for new credit & avoid credit inquiries even if it says pre-approved – wait until the mortgage loan is closed.
b. Don’t change jobs or change profession
c. Don’t raise and dispute or touch any account / information on your credit report.
d. Ensure all bill payments on time to avoid late payments.
e. Don’t close any credit accounts
f. Don’t change bank accounts
g. Don’t co-sign for any credit with anyone
h. Don’t apply or take any kind of loans
i. Don’t apply for limit increase for any credit account.
j. Don’t do any big transactions or move your money around – avoid unnecessary big deposits or big withdrawals.
k. Don’t do any big transaction or buy anything that increases your debt like car, truck, furniture etc.
As a Licensed Mortgage Alliance professional, I have the expertise to get the Right Mortgage for your immediate and future needs.
Getting you the Right Mortgage means that we take the time to understand your situation and your needs, and use our expertise and knowledge to help you make the Right Mortgage decision. There are hundreds of different mortgage products out there - and the choices you make could save you thousands of dollars and take years off your mortgage.
Let a qualified Mortgage Alliance Professional take care of your needs.
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