Pinecrest Florida Real Estate and More...: Now That You Have Your Mortgage Pre-Approval Letter

Now That You Have Your Mortgage Pre-Approval Letter

You have applied for your mortgage; your lender has verified your employment history, income, bank funds and credit report, and has now issued you your mortgage pre-approval letter.  Now that you have your mortgage pre-approval letter, please don’t:

go out and buy new furniture

buy or lease a new car

apply for any other loans

open a credit card account

change employers

co-sign on a loan

or do anything else that can change your income to debt ratio, savings account balance or your credit score.  Any change can make it harder for you to obtain the loan you had been pre-approved for.

Just because you have your mortgage pre-approval letter in hand doesn’t mean it’s a done deal.  It is not unusual for a mortgage company, just before your closing, to again run a credit report, verify your employment and bank funds; and any change in these can cause BIG problems!  Large purchases or an increase of debt before the loan is finalized can jeopardize your credit score and endanger the mortgage you had been approved for.

So remember, once you receive your mortgage pre-approval letter, play it safe and do not make any financial or employment changes.  Once the closing on your home purchase has taken place – then you can celebrate!



Marie StoryMarie StoryMarie Story QR Code

Broker Associate, ABR,CIPS,GRI,TRC        

Celebrating My 21st Year in Real Estate

Coldwell Banker 

12651 South Dixie Hwy

Pinecrest (Miami), FL 33156


Pinecrest Florida   ~ My Website   ~   Pinecrest Homes For Sale

Comment balloon 2 commentsMarie Story • February 22 2011 05:12PM


I could not agree with you more. I wish I could stable the please don't buy, sticker right to some clients dashboard. I had a client all set to go, and they decided they wanted to buy a motorcycle, even after I told them not to make changes. DTI went up and the home buying ability went down.

Posted by John Saari, "The Mortgage Buddy" about 7 years ago

I JUST told this to a buyer this last night. I had a closing two weeks ago, and the funds would not be released until the buyer verified his employment.....again.  Lenders are checking right up to the closing..and in this case.....during the closing!

Posted by Barbara Altieri, REALTOR-Fairfield County CT Homes/Condos For Sale (RealtyQuest, Fairfield and New Haven County CT Real Estate) about 7 years ago