RE: 10 Things To Avoid After Getting Pre-Approved
You provided the paperwork, the lender checked your credit, and you've gotten the official Pre-Approval for a home loan in order to buy a house! WOOHOO! Now... while you're out looking for a home and working through the purchasing process, you must ensure the pre-approval remains valid. How do you do that? Read on for 10 things to avoid after getting your pre-approval!
1. Don't change jobs without notifying the lender. It's okay in some situations to change jobs but not in all cases so it's better to be safe than sorry and keep them in the loop.
2. Don't buy a car, truck, boat, etc. Big purchases will certainly change your credit, debt to income ratios, etc. and have an affect on your pre-approval.
3. Don't open new credit. Don't buy those household appliances by opening a new line of credit with Home Depot. Just wait until after closing and you're good to go!
4. Don't spend your down payment money. I know this might sound silly but people have done it! Keep the money in your account that is to be used for your home down payment.
5. Don't buy large furniture. It will affect your approval status, plus you want to wait until the home is yours to make sure the furniture will fit, etc.
6. Don't originate any new credit. Don't open new credit cards or any additional line of credit.
7. Don't make any large deposits into your bank account. More money might seem like a good idea but deposits must be documented and must have proof of where they are coming from.
8. Don't change bank accounts. Keep everything as close to the same as possible.
9. Don't co-sign for anyone. If you're asked to co-sign for a new car, etc., say no for the time being. Though you might not be responsible for making the payments, it will still affect your debt to income ratio, credit, etc.
10. Last but not least, keep your spending down. Any drastic change will set off red flags and is not recommended.
Follow these steps and you're well on your way to getting the home of your dreams!!! If you have any questions, please call, text, or email me!!