Don’t Make These Mistakes for your Mortgage Approval!

As a homebuyer with an approved mortgage loan please remember these tips so that you do not jeopardize your loan status. Here are some of the pitfalls to avoid:

Don’t make a big purchase such as a car or furniture as it can change your debt-to-income ratio that the lender used to initially approve the loan.

Avoid opening new credit card applications between the loan approval and closing.

Pay all bills in a timely manner, even bills which are in dispute should be paid on time between loan approval and closing.

Avoid transferring large sums of money between bank accounts or making undocumented deposits, both of these might send a red flag to the lender.

Keeping your mortgage approval is primary to a successful real estate closing.

 

Source: “How to keep your Mortgage Approval Approved” Realty Times (Jan 14, 2013)