How Can You Avoid These Common Mistakes After Getting Approved?

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Today, we discuss mistakes homeowners make after getting their mortgage approved. Here are some things you want to avoid once you've been approved for a loan:

• Opening a new line of credit before closing: Whether it's cosigning for a family member or opening up a new account for yourself, this is not a smart move until the home purchase has been finalized. 
• Making large deposits of cash into account: Whether this comes from your 401(k) or a family member, you cannot drop these deposits into your account without an explanation.
• Showing signs of unsteady employment: Losing or changing your job after getting your mortgage approved could cost you! If the mortgage company can't do a verification of employment before closing, the mortgage isn't going to go through.
• Pulling credit too often: You want to limit how often your credit is pulled. This will lower your credit rating and could negatively affect whether the mortgage goes through. 
• Misrepresenting overtime: Your lender wants an average of your overtime earnings, not the peak amount. This could delay the closing or even bring the proceedings to a screeching halt. 

The number one thing to do is always stay in communication with your Realtor or your lender about changes in credit, income, and employment! If you fail to communicate, there is a good chance you'll lose the house, so there's no reason not to communicate. Be open about your financials and keep them steady while applying for a mortgage and everything will go smoothly. 

If you have any questions about the mortgage process, give us a call or shoot us an email. We would love to give you a hand!