Right now is the perfect time to get a home loan from a lender like HomeSure Lending. Why? Because mortgage rates are at two-year lows. It’s a buyer’s market out there and it’s easier than ever to be approved for a mortgage, which makes it an ideal time to buy a home if you’ve been thinking about it. At this same time last year, lenders were only approving around 63% of applications—they’re now approving more than 67%!
While it is easier than ever to be approved for a mortgage, did you know that you can actually be un-approved for a mortgage, too? Lenders will continue to monitor your financial history after approving you for a loan, before the funding has actually arrived. Here are eight actions to avoid during this period of flux to make sure your lender does not revoke the approval they’ve issued.
- Buying a brand new car or trading in your lease for a more expensive one. This is one of the biggest warning signs that lenders look for.
- Quitting your current job without a new one lined up, starting a new business, or changing industries. You want to look financially stable during this time period. Leaving one job when you don’t have another makes you look like a very risky investment, especially if it appears that you knew you were going to leave that job when you applied for your mortgage.
- Changing from a job that has a steady salary to one that relies on commissions. Pay for commission-based jobs are more likely to fluctuate than jobs that have a set salary.
- Moving your money around. Moving a large sum of money from one account to another is considered bad financial behavior during this flux period.
- Forgetting to pay a bill. Your lender is still watching your credit—don’t miss bills deadlines.
- Opening a new credit card. Even if the deal is amazing, this can hurt your credit score and your chance of receiving funding.
- Receiving a large monetary gift. A sudden influx of cash without a clear source attached to it will look suspicious.
- Making random deposits. Like a large monetary gift, these deposits look suspicious.
Avoiding these behaviors can make sure your funding comes in on-time and in full.