Once you’ve been pre-approved for your mortgage, you are on your way to a successful home buying experience. Keep in mind, while you are searching for a new home, it’s important to maintain your financial situation during the home buying process. Before making any major financial decisions, consult with your Loan Officer. These financial decisions are crucial to keep your pre-approval status.
Below are different ways to stay financially conscious after you’ve become pre-approved:
- Income: Avoid any changes to your income sources, if possible. This includes loss of rental income, decreasing work hours, and bringing in less tips or wages. If you are seeking a new career, contact your lender before doing so!
- Marital Status: If you’re planning on getting married while you are purchasing a home, be sure to address your marital status change at the beginning of the home buying process.
- Assets: Maintain your assets as you may have to show proof of reserves after accounting for closing costs. Be sure to hold off on making any large purchases until after closing, that includes any big purchases for your new home!
- Credits & Debits: Make sure you’re paying your debts on time. Don’t open new credit cards or increase your credit limits and wait to pay old collection accounts down until post-closing.
If you have any questions about your pre-approval status, contact a team member!