4 Things To Stop Doing As Soon As You’re Preapproved

Pile of credit cards not to use once preapproved

Once you are preapproved you can still lose your loan. The buying of your home is something you do not want to jeopardize. Your lender is looking closely at certain numbers, check out these 4 tips to make sure your loan goes through!

  1. Don’t use your credit cards past 30% of your available balance: Doing this can affect your credit score in a negative way. Depending on how long it takes to find a home, your credit may need to be pulled up again.
  2. Don’t make large deposits in your bank account that can’t be easily sourced: Large deposits (other than salary) are red flags and they need to be sourced. Your lender will want to know where any large deposits came from.
  3. Don’t switch jobs: Avoid switching jobs if possible; consistent income is important when getting approved for a loan.
  4. Stop making large purchases: When a lender pulls up your credit, they are looking at the ratio between your liabilities and your income. If your liabilities increase, there is a chance that the amount you are preapproved for will decrease.

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