If you’ve completed all the necessary work to get your loan approved, you don’t wish to undermine the loan you’re getting now. But, there are certain ways that some borrowers have committed that have completely destroyed their chances of obtaining a home loan or even purchasing an apartment. It’s not something you’d like to do. If you’re accepted for a home loan and the rate is locked the same way, you’ll need to put your money in a freezer. However, regardless of what advice you provide to someone else, there will always be people who fail. As my father would say that you won’t be able to make every mistake in the world . You have to learn from others. Here are five major mistakes and the things you shouldn’t do after your mortgage is approved.

It is possible to think that cancelling credit cards or removing any outstanding balances is a good option, but not in center of your application for a loan. Creditors look over all your credit so you may have four credit cards , and three of them carry no balance, but one is at its maximum, cancelling those three credit cards with no balance means that you now have no credit available. This is not a good look to lenders. Even if you own credit cards or loans that have a low amount of balance or no balance, you should keep them until you’ve closed your mortgage on the house. This will prove that you’re responsible with your the credit you have and not maxing out every credit card you own.

It’s a simple thing to do however, you should try to keep on top of all of your monthly bills, which includes insurance bills, medical bills as well as car and student loans and credit card payment, utility bills, or almost anything else you’re sure you need to make regularly. Be sure to pay them punctually throughout the length of the application process.

It’s tempting to think that this is an excellent time to celebrate however any spending that is unusual or deposits to bank accounts could appear suspicious. Although you might not be able to assist with all of them If you are able, put off depositing any large gifts or investments until the loan is closed. If you aren’t able to, be sure to bring a document or explanation for your loan officers and underwriters in the event of a problem. 

By Adebayo

2 thoughts on “Things You Should Never Do Once Your Loan is Approved”
  1. Hi, I do believe this is a great blog. I stumbledupon it 😉 I may revisit
    once again since I bookmarked it. Money and freedom is the greatest way to change, may you be rich and continue to
    help other people.

Leave a Reply

Your email address will not be published.