It’s important to pay attention to the little things that can make or break your chances of qualifying for a mortgage – and keeping your approval all the way through to closing.

 

Did you know that it’s fairly common practice for mortgage lenders and insurers to pull your credit again prior to funding, particularly when there’s an extended period between the time of your approval and when your mortgage is set to close? 

 

Be sure to check in with your mortgage agent before you take any action that could potentially impact your qualification or the smooth funding of your mortgage. Most issues can be easily avoided by holding off on major purchases/life changes until after funding.

 

Top purchases/changes to avoid

Here are five important things to keep in mind when you’re in the market for a mortgage, as well as between your approval and closing dates:

 

  • Don’t finance or lease a vehicle. This will increase your debt ratios, which is never something you want to do when you need a mortgage.
  • Don’t buy furniture on a payment plan. Even though you don’t have to pay now, it will still be reported on your credit bureau, and will become an issue – especially if your approval ratios are tight. 
  • Don’t quit your job or change jobs. Even if it’s a better-paying job, you’re still likely to be on a probationary period. Although you’re able to waive the typical three-month probationary period sometimes, particularly if you’re in a senior-level position, reach out to your mortgage agent to ensure this will not endanger your approval. 
  • Don’t become self-employed or accept a contract position. It’s always best to delay the start of your new job, self-employment or contract until after your mortgage has successfully funded. Your potential employer should understand your need to keep your employment status unchanged until after your closing date.
  • Don’t miss bill payments. This also applies to payments you’re disputing. Pay now and fight later as this can be a real deal-breaker. If the lender pulls your credit bureau prior to funding and sees a collection or a delinquent account, you don’t want to have to scramble to pay off debt at the last minute, if that’s even an option!

 

 

While you may not risk losing your mortgage approval because you’ve broken one of these rules, it’s always best to be cautious and talk to your mortgage agent before making any changes.

 

Checking your credit score annually can also help prevent surprises when you’re in the market for a mortgage. 

 

Have questions about things to avoid when seeking a mortgage or your mortgage in general? Answers are a call or email away!

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