Don't Do These 4 Things After Pre-Approval

Congratulations—you’ve just been pre-approved for a mortgage! That’s a huge step toward owning your dream home. But before you pop the champagne or start shopping for new furniture, there are a few important things you need to avoid. Pre-approval is a green light, but it’s not a guarantee. Lenders will continue to monitor your financial situation until closing day, so it’s crucial to keep your finances steady.

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Here are four things you should absolutely avoid after getting pre-approved:

• Don’t Make Major Purchases
  It might be tempting to buy a new car, furniture, or appliances for your soon-to-be home, but hold off for now. Large purchases can increase your debt-to-income ratio and lower your credit score, which could jeopardize your loan approval.
• Don’t Change Jobs or Income Sources
  Switching jobs or taking on a new side hustle might seem harmless, but lenders want to see stability. Any major changes to your employment or income could raise red flags and delay—or even derail—your mortgage process.
• Don’t Open or Close Credit Accounts
  It’s best not to open new credit cards or close old ones right now. New accounts can lead to hard inquiries on your credit report, while closing accounts can shorten your credit history. Both actions can negatively impact your credit score at a crucial time.
• Don’t Miss Payments
  Continue to pay all your bills on time, even if they seem minor. A single late payment can lower your credit score and make lenders reconsider your application. Set reminders or automate your payments to stay on track.

Staying financially consistent is key during this exciting but delicate phase. If you’re ever unsure about a financial move, check with your lender first. That extra bit of caution can help ensure a smooth path to closing—and the keys to your new home!