Don't Sabotage Your Home Purchase

How to Avoid Sabotaging Your Home Purchase

You’ve been pre-approved for a mortgage, found the perfect house, had your offer accepted, and are just waiting for the sale to go through so you can officially be a homeowner. Now is not the time to jeopardize your progress! Here’s a list of things to avoid between choosing your home and getting those keys in your hand.

Buying big ticket items

Once approved for a mortgage, resist the urge to splurge. We get it; you’re excited about new furniture, a washer and dryer, or even a fancy lawnmower for your new place. But hold off on major purchases until after closing to keep your debt-to-income ratio stable—and your loan approval intact.

Moving large sums of money from one account to another

Before transferring money between accounts, check with your mortgage lender. They’re required to document account balances, and moving funds around could create delays in your closing.

Changing jobs

Avoid switching jobs if possible. If a job change is unavoidable, talk to your lender first. A similar role in the same industry might be fine, but going self-employed could jeopardize your loan.

Changing Your Marital Status

Louisiana is a community property state, so getting married or divorced can impact your mortgage process. Changing your marital status could lead to delays while your lender re-verifies everything.

Letting your pre-approval expire

Your initial pre-approval isn’t indefinite. Lenders typically need to re-verify your financials after 60 days. If your pre-approval is nearing expiration, meet with your mortgage broker for an update.

Missing Payments on Bills 

Keep every bill paid early or on time. Just one late payment could be the difference between closing on your new home and having to keep renting.

Need help buying your next home? Call us today at 504-327-5303 and we’ll help you avoid the potential landmines.