7 Things Not to Do Once You Are Approved for a Mortgage

Protect Your Mortgage Approval

Getting a home loan can be a stressful process. Once you are approved there are some very important things you should keep in mind between this approval and your funding date.

Many people don’t realize that changes in your finances can cause your lender to revoke the approval, so with that in mind here are seven things you’ll want to avoid doing until after you’re funded and in the clear:

1. Don’t transfer large sums between bank accounts.

2. Don’t forget to pay all of your bills, even some are in dispute.

3. Don’t open any new credit cards.

4. Don’t lease or finance a new car.

5. Don’t change jobs or start a new business.

6. Don’t make any random cash deposits to your bank accounts.

7. Don’t accept cash gifts without making sure you have paperwork in order to explain the gift.

I realize there may be situations where something is unavoidable (such as your car’s lease expiring, or fighting over a large medical bill), but before you do anything, you may want to talk to your loan officer about the situation to determine if it may have an adverse effect on your approval.

More Home Buying Tips

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.