When you’ve applied for a pre-approval or a mortgage, your lender will agree to your rate and terms based on your current financial criteria.
You may be surprised at what can jeopardize how much you’re approved for or if you’re approved at all.
Watch this video on the 5 Common Mistakes Homebuyers Make.
To review, a pre-approval or even an approval from a lender is based on a snapshot of your current personal financial criteria. So be sure to keep these five points in mind:
1. Don't change your job or income, quit, or move; pay your bills on time.
2. Ensure you keep up to date on all payments and within your limit on your credit cards or lines of credit.
3. Avoid taking on more debt. Ex.) Do Not Take On a New Car Loan!
4. Don't apply for new credit.
5. Protect your down payment funds.
Follow these important steps to ensure there are no surprises to your mortgage financing. If you’re planning any changes or aren’t sure if your actions will affect your financing, talk to me! Book a call with Sylvia Ho here.