- Don’t pay off all your debts suddenly.
- Don’t apply for new credit cards.
You can get pre-qualification easily after getting pre-approval and the process of your loan progresses to pull a refreshed credit report. Before closing for any new debt, this step is necessary. Therefore, your loan could be delayed if you have any major changes in your finances – or even getting the result of denial despite an earlier approval.
While your new home loan is in the works, which ways can you keep your credit card clear? Don’t do this:
- Apply for a new credit card, auto loan or other types of credit.
- Co-sign a loan with someone.
- Having a new job, becoming self-employed, or quitting your job.
- Miss or skip payments on existing credit accounts, utility bills, or loans
- Charge up your existing credit on big-ticket items, like furnishings for a new house.
If you think that you must do any of the following things, please talk to your loan officer before acting. They can help you figure out what to do by having the least negative affection for your mortgage loan.
The most important thing you should remember is that pre-qualification is an estimate. In order to apply for the actual loan approval, you lender will require you to submit documentation of your income and assets.
While in the process of prequalification, avoiding these actions can help you to prevent any unnecessary confusion.
To be successful for a mortgage, here are your references
