When purchasing a home, your mortgage pre-approval is based on your current financial situation. That’s why once you are pre-approved, you should avoid making big changes to your finances. Here are several things you’ll want to avoid doing while you’re in the process of financing a home purchase:
1. Taking on more debt. Talk to your lender first before you open any new credit accounts, request a credit line increase or co-sign on a loan. As a general rule, you’ll want to avoid taking on any new debt before you close on your home.
2. Changing your job. Your pre-approval is based on a number of factors, including your employment status and pay.
3. Making a big purchase. Check with your lender before making any big purchase, either with credit or with cash. Wait to purchase furniture and other big-ticket items.
4. Making late payments. Stay up to date on all of your credit obligations and utility payments. Now’s not the time to have overdraft your checking account.
To learn more strategies for success in your home buying process, contact one of our highly qualified agents today!