Just Got Pre-Approved? DON’T Do These 5 Things!

Congratulations! 🎉 Getting pre-approved for a mortgage is a huge milestone on your homebuying journey. It means you're officially on the path to homeownership—and that’s worth celebrating. But hold off on any big moves just yet.

While it might feel like smooth sailing from here, there are still a few things that can seriously affect your final mortgage approval. Here are 5 critical things to AVOID after getting pre-approved:

🔻 1. Don’t Make Big Purchases

That new car or dreamy living room set might be calling your name, but now is not the time. Lenders monitor your debt-to-income ratio right up until closing. Any major purchases can throw off your numbers—and possibly cost you your loan.

🔻 2. Don’t Change Jobs or Income Sources

Lenders love stability. If you switch jobs, go freelance, or have gaps in employment, it could raise red flags. Even a promotion that changes your income structure could cause delays or complications in the approval process.

🔻 3. Don’t Open or Close Credit Accounts

Tempted by a store credit card for that new fridge? Resist! Opening or closing accounts can impact your credit score and signal risk to lenders. Even closing old, unused cards could hurt your credit history and available credit.

🔻 4. Think Twice Before Co-Signing a Loan or Lease!

Co-signing for someone — whether it's a loan or an apartment — can seriously impact your credit score. If they miss a payment, you’re on the hook. Protect your credit and financial future.

🔻 5. Don’t Deposit Large Sums Without Documentation

Got a generous gift from family? Sold a car? Make sure you have paper trails for any large deposits. Lenders need to verify the origin of your funds to ensure everything is above board and aligned with their requirements.

🧠 Final Thoughts: Stay Steady, Stay Smart

The key takeaway? Once you're pre-approved, consistency is king. Don’t make sudden changes or financial moves without talking to your lender or real estate agent first.

📲 Got questions about what to do (and NOT do) after pre-approval? I'm here to guide you every step of the way. Reach out anytime for expert advice on your homebuying journey!