Find Your Home!

Friday, December 28, 2012

If you got your mortgage pre-approved…great! Now, Freeze!

I received a call from a buyer lead yesterday whom I had shown a couple of properties last week but he had not yet gotten pre-approved for a mortgage.

His news - mortgage pre-approval done[This is different from mortgage pre-qualification which means little!]

Excellent.

Now my advice to him.... "Freeze!" Don't do anything but pay your bills!

Once an applicant has "passed" the mortgage pre-approval process all that is left to do is find the right property to purchase.

And in the interim it is important prospective buyers not do anything that impacts their credit rating/score negatively.  Some of these things include...
  • Don’t change jobs, 
  • Don’t apply for a new credit card, 
  • Don’t make a major purchase like that new car, 
  • Don’t help someone else by co-signing on their loan,
  • Don’t do nothing.  
To many of us the mortgage process is a great big unknown.  Some things may not impact your loan approval at all but why take the chance?

And if you get in a bind speak with your lender's representative.  Keep them in the loop as well.

If you are considering buying a home in Viera, Suntree or Rockledge, Florida call me at 321-693-3850 or send me an email.




Follow by Email