Avoid these pre-approval mistakes to avoid any setbacks when buying a home.
Getting pre-approved is a huge step forward in your home-buying process, but it doesn’t mean that you’re in the clear. There can still be some major setbacks if you’re not careful. To avoid any unwanted delays when buying your home, take note of these pre-approval mistakes:
1. Changing jobs. When you get pre-approved, we take a look at your current pay stub, employer, letter of employment, etc. If you change jobs, you could be on a probation period that will eliminate your qualifiable income.
2. Acquiring more debt. If you incur more debt in between your pre-approval and purchasing of the house, it will ruin your financial ability to purchase once we reach the closing of the transaction.
3. Spending too much money. If you overspend, you could end up not having enough money to buy your house.
4. Locking in your money in guaranteed investment contracts (GIC). You can’t take out your money once it’s locked in any GICs.
5. Not having a real estate broker. Make sure you have a real estate broker who can look out for your best interests.
The period between being pre-approved and closing on the transaction is crucial. Don’t do any of the things mentioned above so you can successfully buy your dream home. If you need someone to represent you in your home purchasing journey, don’t hesitate to call or email me. I’ll be happy to help!