5 things NOT to do after you've been approved for a Home Loan
Let’s talk loan pre-approval. This is one of those things that a lot of home buyers assume is a piece of cake, and then end up getting themselves stuck without a loan! Loans are so essential to home buying, but if it’s your first time, or you're not quite sure what you’re doing, it can be easy to make mistakes and up without a loan!
At Local Homes and Land, we want to arm you with the best tools to make your entire home buying process a breeze. If you’re in the process of buying a home, the last thing you need is a failed loan. We really want to make sure that you are set up for success, and fully prepared for the loan process so that you have no problems getting your dream home!
We’ve put together a great list of five things NOT to do during your home buying process!
1. DO NOT quit your job! Seems pretty simple, but this is crucial, and believe it or not, this happens! During your loan process, your lender will typically call on the day of funding to verify that you are still employed. And what happens if you’re not? No loan! So try to tough it out at your job until that loan goes through!
2. DO NOT open new credit or co-sign a loan. We all can get carried away with the excitement of filling your new house with new stuff. If you’re looking at some fun new appliances to spice up that new kitchen you’re looking at, or thinking about splurging on some new furniture, stop right there! It’s an absolute must to wait on these things until after you’re under contract with your house.
3. DO NOT deposit cash into your checking or savings accounts. Make sure that you talk to your lender before doing either of these things. Any money deposited to your accounts needs to be documented and have a paper trail accounting for the reason for the deposit, and who where it came from.
4. DO NOT move money between your accounts. When you’re in this period, your lender actually has to track each and every withdrawal and deposit. It’s best to just hang tight, and not make your lenders job more difficult.
5. DO NOT go on vacation. House hunting can be downright exhausting, and getting out of town for a little vacation can be so tempting! Make sure that you wait until you are officially under contract with your home until you head off and relax. This will make the process so much easier for everyone involved!
If you can follow these five simple after you’ve been pre-approved for your loan, we promise that your experience will be MUCH more simple and you won’t risk jeopardizing your dream of home ownership! It’s time to spend more time dreaming of your new life in that beautiful home, and less time stressing about what to do if you don’t get that loan!
Please feel free to contact our team at any time of your home buying process!