Five Things You Should Avoid Once You Have Your Mortgage Pre-approval

Did you just get your mortgage pre-approved? That’s fantastic news, but hold off on the celebration just yet. It’s crucial to tread carefully with your finances to keep that approval secure.

Here’s a quick guide on what to avoid:

  1. New debts are a no-go: Opening new credit lines or purchasing a new car can mess with your debt ratio, making lenders rethink their options.
  2. Job changes? Not Yet: Stability in your job is comforting for lenders. It’s best to wait until after your house deal is sealed.
  3. Punctuality pays: Pay all bills on time. Late payments can throw a wrench in your pre-approval.
  4. Avoid co-signing for someone else: This could tilt your debt balance unfavourably.
  5. Be Cautious with Cash Deposits: Large, unexplained deposits can make lenders nervous. Transparency is key.

Navigating post-approval waters carefully is crucial for a smooth home-buying experience. Keep these tips in mind to ensure your journey to homeownership is successful!