Wayne Asks… I am in the process of being approved for a mortgage and want to make sure that I do in fact get approved. What are some things that could prevent my approval?

To ensure that you end up getting approved for a mortgage home loan, be sure to follow these tips, which could make or break the deal.


1.     Don’t make any major purchases. By executing a large purchase prior to the closing of your mortgage, you may in fact prevent an approval.  Many individuals feel as though once everything is lined up, they are in the clear and can splurge on new items such as a car. Yet the reality of things is that a bank will see a purchase such as this as a potential risk of debt for you and therefore not approve your mortgage. Wait until everything is in the clear, then you can buy that new car!

2.     Don’t make a career change. Another action that a bank may see as a risky move during this process is to change careers. A career change may mean instability. And for a lender, they do not want to see anything of the sort. Make sure that you have a steady income and job while seeking mortgage approval.

3.     Prepare for a credit check. Typically a lender will run an additional credit check prior to closing. This means that as you are leading up to your anticipated closing date,  you must make sure that all of your credit card payments are made on time and that you don’t incur any unnecessary debt.

4.     Prepare for closing-costs. Often, people forget about the costs of closing. If you don’t have the funds available to pay for closing costs, you may need to negotiate with the seller to pay them for you. Always make sure that your funds are sufficient enough for any unexpected costs .

Bottom line is that if you plan ahead for the expected and unexpected, you will be prepared and a good risk for the lender!



Meet Cheryl!

About Cheryl

As a successful business owner and community leader, Cheryl Braunschweiger is known and respected for getting things done with a degree of skill and enthusiasm that bring out the best in those around her - colleagues, clients and friends. The name of her business, ALMC Mortgage, reflects Cheryl's philosophy and personality. She says it stands for All Loans Must Close –a reflection of her determination to do whatever it takes to serve her clients. Cheryl has been in the mortgage lending business for 20 years. Read More About Cheryl
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