DON’T-switch employers or positions
Your pre-approval is based on your current employer, if you change those details, your pre-approval status may change.
DON’T-incur new credit card debt
Your pre-approval is based on your debt balances at the time of application, if you make any changes to those, your maximum purchase price could change. This includes “don’t pay for a year” scenarios.
DON’T-buy a car
You can’t live in your trunk, so don’t buy a new car until you have taken possession of your new house. The car payment will reduce your maximum borrowing power.
DON’T-trust a seller’s opinion on the condition of the property or any recent renovations done
Always confirm the details the seller has told you by obtaining a professional inspection.
DON’T-overlook a property because it needs a little TLC
Some lenders offer an innovative product called a Purchase + Improvements mortgage. This allows you to include the cost of the improvements in your total mortgage amount.
DON’T- make any large deposits into your account without consulting your mortgage professional first
The lender will want to confirm any large deposits into your account that hold the down-payment funds. This is to satisfy the Anti-Money Laundering Law.
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