Important Things to Know about Pre-Approval
Between the time you receive a mortgage pre-approval and your loan closing, you need to be extra diligent with your finances. Some borrowers forget that the pre-approval is based on their finances at that time. If finances change, so could the pre-approval.
So, what should you do to make sure you keep your pre-approval status? Probably the most obvious (but also the most important) thing to remember is that you must continue to pay your bills. In addition, once you are pre-approved, you should avoid:
- Applying for new credit
- Making major purchases, like a vehicle
- Changing jobs
- Co-signing loans
Any of these changes may change your approval status, and you should meet with your lender to discuss.
For more information about the home lending process or to begin your pre-approval application, please contact a member of our Mortgage Lending Team at 888-254-0615.