3 Mistakes To Avoid After Getting Pre Approved

By
Mortgage and Lending with D A Griffin Financial.LLC NMLS 6380

Pre approved for a loan?  You want to be sure to heed these three warnings. When you pay off some debt the line of credit is often closed which  may result in a drop in scores. Applying for new credit can drop your score, especially if you open the new line of credit. New credit can also reduce your buying power.  If you are not sure the best path from applying for a mortgage loan to the closing table, consult with your loan officer early and often!

 

After you have applied for a loan, received a pre approval and found a home to purchase, the lender will submit the file to underwriting. Underwriters often have requests as a follow up to the approval, timely responses to these requests keeps you on target to meet your closing date! 

 

Getting pre approved for a mortgage is a perfect first step. Be sure and stay on track and help us help you by avoiding these 3 mistakes.  After your pre approval don't make any changes without consulting the lender. 

 

Comments (3)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hello Dora Griffin these are very important mistakes to avoid after getting pre approved.

Jul 14, 2021 01:07 PM
Dora Griffin

Thanks, John.  In today's market it is harder than ever to keep on track since it takes so long to actually find a home to buy.  I have buyers pre approved for months, some a year or more and they have just not found the home.  Fortunately I have them trained to check in with me often.

Jul 16, 2021 06:52 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Dora, I seen it all what buyers will do before closing from buying a new car to quitting their job.

 

Jul 14, 2021 01:55 PM
Dora Griffin

Thanks, Will.  I try to set the stage when I pre approve a client. I have one now who is a new build, he won't close for six months. A lot can happen in six months, we just want it all to be good. 

Jul 16, 2021 06:56 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Dora, sometimes you have to remind buyers, especially first-time buyers of these No-Nos!  

Jul 14, 2021 04:39 PM
Dora Griffin

Thanks, Joan.  Indeed some of these things are counter intuitive. You'd think paying off debt would be a good thing, but even paying collections can be problematic.

Jul 16, 2021 06:53 AM