So You’ve Been Pre-Approved… Now What?

So You’ve Been Pre-Approved… Now What?

Congratulations on getting pre-approved! Although this is an extremely exciting step in your journey toward home ownership, try not to let your excitement get the best of you. While it might sound tempting to go out and celebrate, remember that nothing is set in stone – The loan programs and rates available to you in the future will be greatly affected by the financial decisions you make in the meantime. To ensure you don’t jeopardize your future loan, keep these important do’s and do not’s in mind:

DO:

- Find out your current credit score
- Check your credit score for errors
- Pay all of your bills on time
- Work on decreasing your other debts
- Make and stick to a strict budget
- Download a finance app to monitor your spending

- Celebrate with friends and family without breaking the bank

- Ask your Mortgage Team questions when you need to

DO NOT:

- Take out any new loans
- Co-sign on a loan for someone else
- Consolidate your debt
- Get a car lease
- Apply for a new credit card (even a department store card)

- Increase your credit card debt
- Change jobs

- Start your own business
- Make changes in how you file your tax forms
- Deposit large amounts into your bank account that can’t be sourced
- Make any hard credit inquiries

It may seem as if there are a lot of rules to follow, but remember: this won’t last forever. The time between getting pre-approved and closing on your loan is crucial, so unless it’s an emergency, try to follow the above lists as closely as you can. In the meantime, if you have any questions about closing, pre-qualification do’s and do not’s, or even just getting a home loan in general, don’t hesitate to reach out to a member of the Veritas Funding Team. We would love to help!