There are definitely things you should do and things you shouldn’t do once you’ve been pre approved for a mortgage. In today’s Covid-19 World, mortgage requirements can change from one month to another without much notice. So, staying mortgage ready should be your number one priority when you’re in the process of buying a home.

What is a Pre-Approval

 Generally speaking, a pre- approval is a buyer’s proof of funds. It gives you the ability to submit offers on houses you want to buy.

Your mortgage broker/ lender will have you fill out a mortgage application, they will pull your credit, and ask you to provide them with your last 2 years of tax returns, 3 months of bank statements, and paystubs. 

The pre -approval letter will show how much you’re pre – approved for, the type of loan you’re seeking, and your down payment.

Does the Pre – Approval = Mortgage?


You can submit offers with a pre-approval, but it doesn’t guarantee that you’ll be able to buy a house. There are multiple steps that have to be completed, including a home inspection and appraisal before the mortgage loan will be approved.

Also, the mortgage company may pull your credit again, and ask you to provide bank statements and paystubs multiple times to ensure consistency.

3 Things to Avoid Once You’re Pre-Approved

1. Monitor your Spending and Bank Accounts

  • Once pre-approved lenders will scrutinize your bank account for the last 90 days.
  • Do not make large deposits or deductions from your bank account 

This may seem strange but large amounts of money deposited in or deducted out of your bank account will raise red flags with the mortgage company. Remember every dollar in or out needs to be sourced.

2. Keep Credit Card Usage to a Minimum 

  • DO NOT open any new lines of credit
  • DO NOT co-sign on any loans, cell phones or credit cards for anyone, not even your momma
  • DO NOT make late payments on your credit cards or any of your loans
  • Try to pay off as much credit card and loan debt as possible

Keeping your debt low is the key to maintaining compliance to get a loan approved. Mortgage companies look at your debt:income ratio, and if your debt is too high the loan will not get approved.

3. Do Not Change Jobs

  • DON’T quit your job
  • DON’T take any unpaid days off from work 

The mortgage company is going to check and recheck your pay stubs multiple times for consistency. They want to make sure that your paystubs align with your salary. 

Taking unpaid days off from work will show a discrepancy and raise red flags with the lender. The lender may drop you and you’ll have to find another mortgage company to close your deal.

The pre-approval is first step in the home buying process. It is crucial that you walk a fine line after getting pre-approved so that you ensure final approval on a loan.

Check out my video below, if you have any questions, please ask.

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