Tips To Make Sure Your Mortgage Doesn’t Get Denied After Pre-Approval
A common question that is asked by home buyers is, “How can I ensure my mortgage is not denied.” An excellent way to ensure your mortgage isn’t denied after a pre-approval is to continue to do what you did prior to getting pre-approved. The majority of mortgage lenders do an excellent job to ensure most of their pre-approvals actually make it to the closing table.
Some additional tips to help ensure your mortgage is not denied include;
- Don’t take on additional lines of credit
- Don’t increase your debts
- Don’t make any large deposits into your bank accounts without having proof as to where they came from
- Don’t withdraw large amounts of money from your bank accounts
- Continue to save money in the event your closing expenses are more than originally estimated
- Provide all requested documentation to lender in timely fashion
It can be devastating for a pre-approved buyer to have their mortgage denied at the last minute. The above top 5 reasons a mortgage is denied after pre-approval can be prevented. It’s important to understand why mortgages get denied after pre-approval so you do not make these mistakes.
Prior to making any decisions that could impact your financial situation, consult with either your mortgage professional or real estate professional. In most cases this can prevent you from making a decision that could impact whether or not your mortgage is denied.