08/11/2022
SAVE THIS POST. & READ ⬇️
Ok! So! Your finically pre-approved, what shouldn’t you do?! Most if not all of these should go with out saying BUT just in case.
1) DO NOT open any new lines of credit! Your more than likely receiving a plethora of cash back offers on a daily. Do yourself a favor. IGNORE them. Throw them away, burn them, delete them! Do whatever it is you gotta do to NOT apply/sign up for these cards while going through the home buying process. Wait till you are done! And those keys are delivered to you.
2) DO NOT buy a new car! Listen! I understand more than anyone the urge to buy a new car! And no lie sometimes it’s unavoidable. Life happens. BUT just don’t it. Keep in mind. Buying a new car will add to your Debt! And when you are in the market for a new home we are trying to keep your debt as low as possible. The less debt you have, the more money you have to house shop with.
3)DO NOT change jobs. When you are pre approved it will be based off your current salary. So changing jobs (whether it’s a raise or decrease) will through a little curve ball and basically restart the process. Now..if you so happen to get an opportunity for a promotion. TAKE IT. Of course. Just keep in mind, your lender will have to reconfigure your docs. It’s not the end of the world. But we try to limit as many curve balls and delays as possible.
4)DO NOT do-sign on a loan. Though you are not the “lead” name on the loan you are defiantly 100% responsible for that loan should your friend or family member fail to comply. It does hit your credit as well. Do not take on the added possible debt.
5) DO NOT make large cash deposits. Keep in mind. During the pre approval process, your lender is combing through your finances and everything has to be accounted for and make sense. If for some reason a large deposit is necessary like a funded gift, be sure to have an answer for every dollar deposited! Legitimacy is huge!
All in all. Once you are pre approved for a home loan. Leave everything alone. Don’t touch anything that has to do with your finances and or credit. Just stay the course. Get approved. Find your home. Close. THEN wild out! 🤗😛