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Laura Feghali's Blog

By Laura Feghali | Agent in Stamford, CT

4 Common Ways Buyers Jeopardize Their Mortgage Approval

Attention Home Buyers!  If you have received your mortgage approval from your lender and are waiting for your "clear to close" don't make any of the common mistakes below that could jeopardize your mortgage approval.

Check them out:  

  1. Making a big purchase:  Avoid making major purchases, like buying a new car or furniture, until after you close on the home. Big purchases could change your debt-to-income ratio that the lender used to approve your home loan and could throw the approval into jeopardy. 
  2. Opening new credit:  Now isn’t the time to open up any new credit cards. Wait until after you are closed if you must.
  3. Missing any payments:  Be extra vigilant about paying all your bills on time, even if you're disputing one. 
  4. Cashing out: Avoid any transfers of large sums of money between your bank accounts or making any undocumented deposits — both of which could send up “red flags” to your buyer's lender.

Source: realtormag.realtor.org

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