You Got Your Pre-Approval! Now What?

Congratulations! Getting your pre-approval letter is a huge step toward homeownership. But the journey isn’t over yet! To ensure a smooth and successful closing, follow these key tips:

🔹 Pay All Bills on Time

Late payments on credit cards or loans can negatively impact your credit score and put your loan approval at risk. Stay consistent with your payments.

🔹 Avoid Changing Jobs

Lenders look for stable income history to ensure you can afford your mortgage. If possible, stay with your current employer until after closing to avoid complications.

🔹 Do Not Open New Credit Lines

Avoid applying for new credit cards, car loans, or personal loans. New inquiries and accounts can lower your credit score and affect your loan terms.

🔹 Hold Off on Large Purchases

Buying furniture, appliances, or a new car before closing can increase your debt-to-income ratio (DTI) and impact your mortgage approval. Wait until after you officially own your home.

🔹 Avoid Large Cash Deposits

If you need to deposit money into your bank account, check with your lender first. Large, unexplained cash deposits may require additional documentation and could delay your loan process.

🔹 Ensure You Have Funds for Closing Costs

Besides the down payment, you’ll need funds to cover closing costs, which may include appraisal fees, title insurance, and other expenses. Your lender can help you estimate these costs.

🔹 Get a Home Inspection Before Closing

A thorough home inspection helps you identify potential issues before finalizing the purchase. It’s a small investment that can save you thousands in unexpected repairs.

📩Questions? Schedule a free consultation here:👉 www.newprioritylending.com/es/booking-consultation

Follow these steps, and you’ll be holding the keys to your new home in no time!