6 Mistakes To Avoid After Mortgage Pre-Approval
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Hey everyone, it's Rachel Clark. Today I'm going to go over 6 mistakes to avoid once you get pre-approved for a mortgage.Â
1. Apply For New Credit
The first mistake is to not apply for new credit. Your credit could change, which might also mean that your interest rate might be adjusted. Basically, don't apply for new lines of credit until after the entire loan process is done.
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2. Paying Off All Your Debt
The second mistake is paying off all of your debt. Wait to pay off any debt. If any of your credit cards close because you paid off the debt, it could actually hurt you. So basically just wait to pay off your debt until everything is done.
3. Co-Signing Loans
For both buyers, this is considered a debt. So don't co-sign until the entire process is over. I know you're trying to help friends or family, maybe for a car loan or something, but just wait.Â
4. Ignoring Lender Requests
Your lender is going to be asking or requesting things that is going to help you get this loan taken care of. They're there to help you make sure everything goes as smooth as possible, and they're doing their job. So just make sure if they ask or request anything that you get it done promptly.Â
5. Falling Behind On Your Bills
You must pay your bills on time and make sure you don't have an overdraft in any of your accounts. Even something as small as $5 can completely derail the entire process. So make sure you stay on top of your bills.Â
6. Losing Track Of Deposits
And lastly, number 6, losing track of your deposits. Now adding to your assets isn't a problem, but you want to keep complete documentation of any deposits added besides your normal paycheck. Anything small or out of the ordinary can just raise a flag and delay the entire process. So make sure you keep all documentation. I hope this is helpful for you, so you avoid the 6 most common mistakes after you go through your pre-approval for your home mortgage.Â
If you have any questions, I'm more than happy to connect you to any of our trusted lenders!
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Rachel Clark
Hi, I'm Rachel!
As a Tucson native, I have been fortunate enough to experience everything Tucson has to offer! I love being able to speak to people on a daily basis who are either looking to move to Tucson or are fortunate enough to already live here! You can reach out too. Send me a text, give me a call or shoot me an email. I'm here to help however I can when it comes to moving to Tucson!
