Realty Executives Midwest

Serving Darien, IL

Realty Executives Midwest

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7 Things to Avoid Doing After Mortgage Approval

(Published on - 3/26/2017 6:27:43 PM)

Getting a mortgage approval can be a stressful process and deserving of a celebration. However, don’t celebrate just yet. There are some crucial things to be aware of between this approval and your funding date. Many people don’t realize that changes in your finances can cause your lender to revoke the approval, and we would hate to see that happen to you.

So, with that in mind, here are seven things you’ll want to avoid doing until after you’re funded and in the clear:

  1. Don’t transfer large sums between bank accounts.
  2. Don’t forget to pay all of your bills, even some are in dispute.
  3. Don’t open any new credit cards.
  4. Don’t lease or finance a new car.
  5. Don’t change jobs or start a new business.
  6. Don’t make any random cash deposits to your bank accounts.
  7. Don’t accept cash gifts without making sure you have paperwork in order to explain the gift.

We realize there may be situations where something is unavoidable (such as your car’s lease expiring, or fighting over a large medical bill), but before you do anything, you may want to talk to your loan officer about the situation to determine if it may have an adverse effect on your approval.

If you have any questions, contact us today!

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com

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