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Once you are pre- approved for a mortgage loan, you want to make sure that you watch certain things to maintain your loan approval. Even under contract things are not set in stone. First time buyers can get themselves in a bind if they do not take into account potential missteps that could threaten their deal. Here are some things to try and avoid once you are pre-approved (or approved):
Do NOT Go Credit-Crazy.
If you are sold on the way you want to decorate your new home, it might be a terrible idea to go out furniture shopping right off the bat. Wait until your loan closes before you go shopping and avoid huge expenses. Inquires on your credit can also affect you because it lowers your credit score and can influence your interest rate negatively.
Make sure your funds are clear.
If you have a gift from mom and dad and you deposit a lump sum of money into the bank, make sure you are verifying with your loan officer where this money is coming from. The last thing you need in the pre-approval process is to have your loan officer go through your bank records again.
Getting behind on bills.
Late payments are never good for your credit score, especially for a new loan. If you cannot make a payment on a bill, then how does your lender know that you will make a mortgage payment? They don’t, so it is likely that you will lose the deal if this happens.
Co-Sign on a Loan.
If you co-sign a loan, it means that you are responsible for another person’s debt. If they fail to make the payments then you are financially liable for taking over the debt that is accrued. Adding on more debt could eventually disqualify your deal.
Changes in Employment.
Obviously if you lose your job during the loan process it can be REALLY difficult to keep your loan. If you move jobs or become self employed it may become almost impossible to maintain the loan that was already approved. Make sure you let your loan officer know of any changes to your income, so that they can help you in the long run.