Congratulations! You’ve been pre-approved for a mortgage!! Now what?
- Keep the process moving by responding to your loan officers’ requests for documents ASAP!
- Make decisions as soon as possible.
- Keep your Realtor informed during the process (!!!)
- Relay questions or concerns AS they develop.
- Continue to make all of your rent or mortgage payments on time.
- Stay current on all other accounts, including utilities, credit cards, etc.
- Continue to work your normal work schedule with no unplanned time off. If you have planned vacation time, be sure to notify your lending / Realtor team.
- Do not open any new accounts or charge large amounts.
- Be prepared to explain any large deposits in your bank accounts.
After you have been pre-approved for your mortgage:
- DO NOT make any major purchases (car, boat, jewelry, furniture, appliances, etc.).
- DO NOT apply for any new credit (even if it says you are preapproved or “xxx days same as cash”).
- DO NOT pay off charges or collections (unless directed by your loan officer to do so).
- DO NOT make any changes to your credit profile.
- DO NOT change bank accounts.
- DO NOT make unusual deposits into your bank accounts or move money around from one account to another.
Are you in the market for a new home? Do you need to speak with a trusted loan officer? Check out our trusted loan officers here: 8th & Home Lenders