11 Jun

Roadblocks To Avoid On The Way To Mortgage Approval

General

Posted by: Maria Solverson

Having your home purchase offer accepted can feel like the last stop on the homeownership journey. But there are in fact a few milestones left until your final destination.

In the time between having your offer accepted and closing on your new home, your mortgage application must be reviewed and approved.

Several roadblocks can appear at this point, slowing down the approval process and, in some cases, bringing it to a complete halt.

Thankfully, these roadblocks to mortgage approval can be avoided with careful action and a little patience.

Mortgage Approval Roadblocks to Avoid

While your mortgage application is being reviewed, these 10 common roadblocks to loan approval should be avoided.

Photo credit: Grandview Lending Inc.

  1. Buying a big-ticket item, like a car, a boat, or an expensive piece of furniture.
  2. Quit or switch your job.
  3. Open or close any lines of credit.
  4. Pay bills late.
  5. Ignore questions from your lender or mortgage broker.
  6. Let someone other than your lender or mortgage broker run a credit check on you.
  7. Make large bank deposits other than your paycheque.
  8. Co-sign another loan with anyone.
  9. Change bank accounts.
  10. Take out any payday advance loans.

Hitting any of these roadblocks (even if you’re pre-approved) will impact the kind of loan you qualify for by affecting your debt-to-income ratio, credit score, income, or closing timeline.

Contact me as soon as possible if you anticipate encountering any of these barriers. Bringing me on board early will make for the smoothest road to closing possible.

I’m here to be your co-pilot and expertly help you navigate the home stretch of home financing with ease.