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Approved for a Mortgage? Avoid these 6 things to close your home loan on schedule!

Updated: Jun 15, 2021

The intricacies of securing a mortgage to finance a home can be overwhelming. We believe it important educate borrowers so they can be informed and feel confident throughout the purchase of a home. Today wanted to share a little information about the mortgage process, some things not to do and why.

Once you receive pre-approval from a lender, you’re well on your way to purchasing a home! You’ve come a long way in this home buying journey, but don’t check out just yet - you still have an important role to play in getting your mortgage across the finish line. The ride can get bumpy if you’re not careful, so here are a few tips to help you smoothly sail thru to the closing table.

6 Things NOT to do during the mortgage process:

1. Don’t apply for new credit.

Applying for other credit lines and loans can impact your credit score and accumulating more debt can affect DTI – a key factor lenders evaluate when you apply for a mortgage.

2. Don’t miss credit card and loan payments.

This is typically a bad idea at most points in life.

3. Don’t make any large purchases.

It can be tempting to start purchase appliances, furniture or other big ticket household items to prepare for home ownership. Paying cash will dent your savings, and charging substantial purchases will increase your debt-to-income ratio and credit utilization – both could have a negative impact on your future mortgage. Once you close, you will have plenty of time to shop to your hearts content and make your home your own.

4. Don’t switch jobs or quit.

This may be out of your control, especially in these crazy Covid days, however; if a career change is part of your plan, it's best if it doesn’t coincide with the loan approval process.

5. Don’t make large deposits without a paper trail.

If a loan officer sees large deposits, typically over $1,000, they must be able to trace their origin. Transfers between accounts and payroll deposits are generally fine, but any deposits that are not easily sourced must have an explanation.

6. Don’t ignore questions from your lender or broker.

You may be busy, not have email access or have some other personal issue and figure it can wait a few days, but remember that they are working hard to get all your ducks in a row so you can close on schedule without issues. Sometimes (and especially more recently due to the COVID economy) the lender requires additional documentation or explanations and your broker needs your help answering the mail.

In Review

A pre-approval offer from a lender is based on an evaluation of your credit, income, debt and assets. If those things significantly change before final approval, the offer might not stand. Keep these few things in mind during the process, and to help to ensure you close your loan and get to move into your new home!

Ready to buy your next home or property? Want to lock in a low rate & monthly savings with a refinance? Work with a Local Mortgage Broker!

Local Expertise. Great Rates. Personalized customer experience. Call Simplicity Mortgage 386-401-9000 today!


Simplicity Mortgage is a local mortgage broker company located on 411 Dunlawton Avenue in Port Orange, Florida. We serve borrowers looking for loans in the central Florida to include Volusia and Flagler counties, Palm Coast, Ormond Beach, Ormond by the Sea, Deland, Daytona Beach, Daytona Beach Shores, Port Orange, Ponce Inlet, New Smyrna Beach and all surrounding areas.

Simplicity has a portfolio of over 20 lenders, which allow us to find the best home loan product for a borrowers unique purchasing scenario. Our mission is to provide a simple and smooth customer experience coupled with an excellent rate and low fees. We are your accessible, single point of contact throughout the process.  We offer a full suite of loan products: Conventional, VA loan, FHA loan, USDA, Jumbo, Non Qualified Mortgage (non-QM), Self Employed, 1099, first time home buyer, investment, and secondary property purchases.  We have excellent options for your refinance as well, IRRRL, Home Equity Loan, Streamline Refinance, Cash Out, Rate and Term. 

Give us a call today to discuss current mortgage rates.  We will utilize our mortgage calculator to assess the mortgage payment with various mortgage rates for your home loan to help you determine the best financial fit for your purchase.