Things to Avoid After Applying for a Mortgage [Infographic]
When you decide to buy a home in Columbia, Missouri or the surrounding areas, it's natural to be eager to start your search. Before you start scheduling those tours, we highly recommend that you connect with a mortgage lender who can help you become pre-approved. This will tell you how much you will be approved for and can comfortably afford so you can focus your search on homes that you are actually qualified to buy. When you do find "the one", being pre-approved will make your offer more attractive to sellers, who are assured that you can qualify for the amount that you are offering to purchase the property for.
What you must understand is that a pre-approval is not a final guarantee that you will get the loan. Final mortgage approval will come later and must happen before you close on a home. Typically, there is some time that passes between pre-approval and final approval. This amount of time varies but is often several months or more. Any change to your financial situation during that time frame can have a huge impact on your final approval, and in some cases, disqualify you for a loan you previously qualified for. That is why it is so important to be mindful of your financial and credit situation during this time. Here are six things you should avoid after applying for a mortgage.
When it comes to buying a home, it is best not to make any major financial changes before you close on the property. If you are ever in doubt, speak with your lender before taking any action. This will ensure that you can close on your new home smoothly and without added stress.
We recommend working with a local lender that has a proven track record, great communication, and consistently closes on time. A good lender will offer a variety of loan packages, competitive interest rates/closing costs, in-house underwriting, and will assist you in finding the mortgage payment plan that fits your budget.
If you have questions about obtaining a mortgage loan, or any real estate needs, our team would love to be a resource for you! Fill out the form below and a team member will be in touch to discuss how we can meet your unique needs.