Here are some common approval killers that can derail your mortgage pre-approval:
1. New Debt – Taking on a new car loan or credit card increases your debt-to-income ratio.
2. Job Changes – Switching jobs to often or industries can make lenders hesitant.
3. Large Bank Deposits – Unexplained large deposits can raise red flags for underwriters.
4. Late Payments – Recent missed payments can hurt your credit score.
5. Co-Signing Loans – Co-signing increases your financial liability, affecting approval.
6. Overusing Credit – Running up balances on credit cards lowers your credit score.
7. Inconsistent Income – Large fluctuations in income (especially for self-employed buyers) can be risky.
8. Ignoring Lender Requests – Delays in providing documents can slow or stop the process.
Avoid these pitfalls to keep your home loan approval on track! When In Doubt Reach out! Let’s talk!