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What to Avoid after Approval

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canstockphoto24781661Right 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.

AUTHOR

Matt Demorest, President

Matt is the President and Founder of HomeSure Lending. He has extensive experience working in mortgage, finance, business development, business operations and non-profits. Matt holds a Masters Degree in Youth Ministry Leadership. NMLS #1011726

All stories by: Matt Demorest, President

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