Congratulations you have been pre-qualified to buy a home and it gives you the ability to show sellers that you are able to buy their home. Its the first step in buying a home and your on your way. Most buyers are not aware that after they get pre-qualified their status can change and they could no longer qualify. It can be heart breaking. Imagine, putting in an offer, paying for an inspector and appraisal and then getting to the closing table only to find out that you no longer qualify. It happens so how can you help to make sure that this doesn't happen to YOU?
First and foremost talk to your lender before you make any credit decisions after you have become prequalified. No matter how seemingly small.
Below is a list of don'ts:
1. Don't shut down a bank account and move to another bank
2. Don't change your name
3. Don't change jobs
4. Don't close down a line of credit
5. Don't buy anything on credit without talking with your lender (furniture, appliances, cars, can wait)
6. Don't run your credit just to see if you would qualify to purchase a new item
7. Pay your payments on time
8. Don't lease a car - you would still have a payment and would still reduce your Qualification limit.
9. Don't deposit large sum in your bank account (You have to account for all deposits and where your down payment is coming from)
10. Don't spend your down payment and closing cost money.
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