Getting pre-approved for a home loan is a major milestone but what you do after that can make or break your homeownership journey. So before you start dreaming about that new sectional or switching jobs, let’s talk about what “not” to do once you’re pre-approved.
No, seriously! Don’t finance that furniture just yet! Big purchases can throw off your debt-to-income ratio (DTI), which is a key factor lenders use to finalize your loan. You don’t even have keys yet, so hold off on buying things for the house until you actually own the house.
Even if it’s a promotion or a better opportunity, changing jobs can complicate or delay your loan process. Stability matters during this time. Wait until after closing before you hand in that resignation letter.
If your account suddenly shows a large deposit, it could raise red flags. Lenders want traceable, verifiable funds. If you’re part of a savings group or plan to receive a gift, talk to your lender first to ensure it doesn’t disrupt your approval.
Once you’re pre-approved, the goal is to stay financially still with no big movements, no surprises. If you’re unsure about a financial decision during this phase, consult your lender or Realtor first. Trust me, it’ll save you stress down the road.
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