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Health & Fitness

What To Do & What Not To Do After Mortgage Pre-Approval

Congratulations! You’ve decided to “Get Off the Fence” and buy your new home. You’ve also done the smart thing and got Pre-Approval for a MortgageNow you can go shopping for that home confident in knowing how much of a mortgage you can afford and how big a house you can buy.

It will be an anxious time deciding on the right house. But don’t forget, the mortgage application process is not over. Just because you have Pre-Approval, doesn’t mean you can sit back, wait for the appraisal, and expect the transaction to close easily. You still have to take action!

Here’s a list of What To Do and What Not To Do After Pre-Approval to be concerned about as you move through the next stages of your mortgage process:
  • Don’t Apply for New Credit. Don’t Make any Major Purchases
  • Don’t Change Jobs.
  • Do Not Pay-Off All Your Debt. Do Not Pay-Off Old Collection Accounts.
  • Do Not Co-Sign for Any Loans
  • Don’t Ignore the Lender’s Request for Additional Information.
  • Do Stay Current on All Existing Accounts
  • Do Not Move Any Money Around. 
  • Do Not Continue Shopping For a Better Deal.
  • Do Line Up an Attorney, and Insurance Agent and a Home Inspector
  • Do Understand That Mortgage Pre-Approval is Not a Commitment to Lend

You chose to work with your Mortgage Professional because you trust him. If you have questions about what to do or not to do throughout the mortgage process, do not hesitate to give him a call. Be honest and upfront with your concerns; ask questions if you don’t understand something; and keep in touch after application all the way through closing to guarantee a smooth hassle free transaction.

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