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Avoid Costly Detours
Learn what to avoid so you do not stall your loan or lose your approval.
Avoid the Pitfalls. Protect Your Approval.
Small financial moves can create big setbacks in the loan process. This page provides crucial do’s and don’ts to help clients protect their approval status.
Once you are preapproved
It is important to keep your finances steady. Even small changes can affect your loan approval, delay your closing, or change your loan terms. We guide our clients on what to avoid so they do not run into unexpected problems right before the finish line.
For example
Applying for new credit cards, buying a car, or moving large sums of money can raise red flags for lenders. These actions can affect your credit score or change your debt to income ratio, which lenders watch closely up until the day of closing. Even helping a friend or family member by cosigning a loan could complicate things for your own mortgage.
At Premier Point Mortgage
We help protect your approval by staying in touch and coaching you through what to do and what to avoid. If something unexpected does happen, we will work with you to find the best solution quickly. Our goal is to keep everything on track so you can close on time and with confidence.
Do NOT:
- Open or close credit accounts: This affects your credit score and available credit.
- Make large purchases: Big expenses like cars or furniture can increase your debt-to-income ratio.
- Change jobs: Stability matters during underwriting.
- Co-sign for loans: This adds new financial obligations, even if you’re not making payments.
- Miss payments: Even a single late payment can impact your loan approval.
join the success
Don’t just take our word for it, hear from our clients
Premier Point Mortgage
NMLS #2184348
Discover leading properties and secure your dream home with us. Expert guidance and support at every step.
990 Raritan Rd. Clark, NJ 07066
Legal Statements
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
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