You’re pre-approved, now what?

Once you’ve been pre-approved, it’s important that you keep your financial situation in good order and avoid some of the common pitfalls people make. Here are some helpful tips to keep in mind as you go through the home buying process…

Do’s

  • Continue making all your financial obligations on time (credit cards, auto loans, installment loans, etc.

  • Stay current on all existing accounts

  • Continue working for the same employer. If you must switch jobs during the process be sure to let us know ahead of time.

  • Manage your credit card balances wisely, ideally keeping them under 30% of the total credit limit

Don’ts

  • Make any major purchases (car, boat, furniture, jewelry, etc.)

  • Apply for new credit accounts

  • Open any other new accounts that require a credit pull

  • Transfer cash/money between accounts without letting us know first

  • Pay off any collections or past-due accounts without consulting with me first

  • Open/close any credit card accounts

  • Draw on an open line of credit to use for closing costs or your down payment. Unsecured borrowed funds cannot be used for your home purchase.