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.