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Don’t get Denied After Pre-Approval

Get Pre-Approved - Bittinger Team, REALTORS

There are many steps involved in the home buying process. This doesn’t just increase the feeling of being confused and overwhelmed, it also means there are plenty of chances to make mistakes.

The next step after deciding to buy a home is to get pre-approved for your mortgage. But buyer beware; a pre-approval is never a guarantee and there are some things you should avoid doing while waiting for your final approval. Many of these mistakes are things you probably don’t realize have the capability of negatively impacting your final mortgage approval.


On your Journey to Homeownership, try to Avoid Making These Mistakes:

  1. Making big purchases: Don’t go out and buy a new car or make another large purchase. This is just another added expense during a time that’s going to be costly for you, and mortgage lenders will consider this before final approval.
  2. Changing jobs: The same thing goes for changing jobs – it can be a red flag for lenders that your income is not reliable. If you’re able to, just wait.
  3. Doing things to mess with your credit score or credit rating: You might begin to look for ways to tidy up your finances as you wait to get approved for a mortgage. If you’re thinking of canceling credit cards you aren’t using, be careful. This could hurt your credit score. Additionally, be cautious when applying for a new credit card as this can negatively impact your credit score.
  4. Forgetting to document transactions you’re making: When working with a lender, they’re going to want to see a paper trail of all your purchases during this time. Make sure you’re keeping track.
  5. Tapping into your savings: As it usually goes when you make a big purchase, you’re going to end up in a slight deficit financially after buying a new home. Keep your savings where it belongs so you can use it for additional fees such as down payments and closing costs.
  6. Falling behind on other payments you have: Got bills? Pay them! This one is self-explanatory.
  7. Wait until after you move to furnish your place: Don’t start buying the new or additional furniture you need or want before you close on a home. Lending companies don’t like to see large chunks of money leave savings or get charged right before final approval.


Bottom Line

There are a great many tasks to complete during the home buying process. You have to save money, get approved for a mortgage, go house hunting, find a home that suits your needs in an area you could picture yourself living in, put in an offer, and hope that offer gets accepted. The last thing you need during this long and stressful time is to make little errors that might set you back. is brought to you by Bittinger Team, REALTORS.  We’re a team of local Realtors with over 35 years experience walking clients through each step of the buying and selling process. We’ll help make sure issues like these don’t stop you from getting into a house you love. Contact us  when it’s time to start the process of buying your next home.

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