10 Rules What NOT to Do After You're Pre-Approved

By
Real Estate Agent

Washington Home Buyers Center 3

Congratulations, you have been pre-approved, after providing reams of tax and other financial documents to your mortgage professional. Now to maintain your pre-approval... We explain to our clients during the buyer's consultation, and during home buyers seminars to please adhere to the below 10 guidelines after you're pre-approved. Unfortunately, even with this admonition, We have had clients get carried away with a little extra gift money, and purchase some expensive necessities (Rule 4). And we agreed the necessities were important, but it could have waited and almost messed up their home purchase. Fortunately their crack mortgage professional saved the day, and salvaged the home loan.

 

Bottom line: If you are already pre-approved, remember these 10 things not to do after loan application.  Do not assume that your lender will go over this information.

 

Thou Shalt Not:

1) Change jobs, become self employed or quit your job


2) Buy a car, truck or van (or you might be living in it!)


3) Use credit cards excessively or let current accounts fall behind


4) Spend money you have set aside for closing


5) Omit debts or liabilities from your loan application


6) Buy furniture/appliance on credit


7) Originate any inquires into your credit


8) Make large or cash deposits without checking with your mortgage professional


9) Change bank accounts


10) Co-sign a loan for anyone

 

If you have a question, check with your mortgage professional first, before you leap. After your loan has closed, and you've moved into your dream home, you can spend on other priorities until your heart is content (:.


 CHECK OUT OUR OTHER BLOG POSTS


The 8 Steps to Buying a Home 

Getting Ready to Apply for a Loan? Your Questions Answered

The 6 Steps in Securing a Home Loan

The Good Faith Estimate, Defined

Real Estate Jargon, Explained

Get a Mortgage Loan for a Fixer

How to Be a Respectful Home Buyer

Inquiries and FICO Scores, Explained

Credit Report Fraud Alerts and Security Freezes

What is a Contingency?

Buyers Beware: 3 Points to Ponder About a Home's Location

What to Look for When Buying an Older Home

Budgeting to Buy a House

Buying a House: Neighborhood Research

Factors Affecting Mortgage Interest

Top 3 Real Estate Deal Killers

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Provided courtesy of the Washington Home Buyers Center
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Whether you are buying or selling a home, we are your go to local Realtors (NO COST TO HOME BUYERS).

 

Live in the Greater Seattle or Puget Sound area and thinking of selling your home in the next 6 months? Click here for a free on demand home report.

 

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Topic:
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Tags:
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Rainmaker
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David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

Joe a good reminder, should be hanging on the wall of every real estate office.

Mar 13, 2015 03:33 AM #1
Rainmaker
689,506
Michael Dagner
Brokers Guild Classic - Denver, CO
Your Denver Homes Realty Expert

Hi Joe, if a buyer has gotten that far with a preapproval, not sense in spoiling all that hard work.  

Mar 13, 2015 10:33 AM #3
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Rainer
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JOE RYSTROM & TEAM

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