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:
- 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.
- Job changes? Not Yet: Stability in your job is comforting for lenders. It’s best to wait until after your house deal is sealed.
- Punctuality pays: Pay all bills on time. Late payments can throw a wrench in your pre-approval.
- Avoid co-signing for someone else: This could tilt your debt balance unfavourably.
- 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!