Things To Watch For After Your Mortgage Approval~ By: Monah4MyHome Team~

You have provided the documents needed for a mortgage approval!! These are some of the basic requirements~ Income, Employment Documentation and Credit.

Yay Congratulations!! You are approved to purchase a home!!

Now with your pre-approval letter, you are not scot free just yet... The bank/ lender will want to make sure you are not going to default on your loan and that you are a trusted buyer.

After you find the property of your dreams, the bank will do a final credit check before finalizing your deal, at this point based on your actions, your approval could change. There is a saying in Real Estate, " The deal is never done until it's done."

With that being said, there are some things to watch out for that could affect your transaction.

Here are some things to watch out for~

- Keep your bank statements transparent.

Large amounts being spend can throw off your lender and show instability. Make sure you are using your money for bills, savings or personal expenses and they are in line and the same every month. Sure emergencies come up but the bank will check to see if you are having an emergency ever month.

-Do not borrow large sums of money

Borrowing will depelete your account balance and show hardship.

-Do not cosign for anyone

Cosigning for others will make it appear as too many responsibilities or obligations in where your money is going.

-Do not make large purchases

Making a larger purchase could give the wrong idea, it could show that you are a heavy spender and may not be disciplined enough to maintain a mortgage.

-Do not cancel your old credit cards

Canceling old credit cards may affect your credit scores and your approval is based on your credit scores, so you could be denialed if your scores drop below the approval margin.

-Do not open a new credit card

Opening a new credit means you had to run your credit which could drop your scores and may also show you are desperate for another source of income.

-Do not switch jobs or change from employment to self-employed

Your approval is based on your income and employment time frame. Changing jobs may offset your loan as you have to provide 2 years of stable income. If you change jobs in the same field, as long as you are consistent and maybe got a raised in income you may be okay. However check with your Lender or Realtor before changing jobs during your transaction.

-Do not change your name

Changing your name may wipe your history and you could be starting from scratch.

Information deem realiable but not granteed, for all things listed, consult with your lender or realtor to be sure where your situation fit in with the application and approval process.

What are your ideas or experiences with a mortgage approval? Visit us to share your feedback, questions, comments or suggestions. flowpage.com/monah4myhome

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Monah Nabwe, REALTOR®

Monah4MyHome Team

Keller Williams Classic Realty

612-516-9991

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