6 Pitfalls Most Home Buyers Fall Victim To

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Today, we share some of the pitfalls you'll face after being pre-approved, and how you can avoid them to ensure a smooth buying experience.

Here are a few things you need to keep in mind after being pre-approved:

1. Don't make any major purchases: Whether it's a car, boat, jewelry, furniture, or other expensive items, these are the kind of purchases you need to avoid when applying for a loan. If the lender sees a huge purchase, they will be forced to rerun your credit, which could be detrimental to your pre-approval. 
2. Don't apply for credit or other loans: This seems obvious, but you need to avoid doing this for the same reasons mentioned above.
3. Don't pay off any charges or collections: Unless specifically notified by your lender to do so, do not pay off any charges until after your purchase is complete.
4. Don't make any changes to your credit profile: A lot of people have an online credit service that monitors their credit. You don't want to make any changes to this profile during the approval process. Changing simple things like your address and your name could change your pre-approval status.
5. Don't change bank accounts: If you do, your lender will have to validate why you changed from one account to another. If this is something you want to do, make sure you wait until after you have closed escrow.
6. Don't make unusual deposits: Don't move large sums of money from one account to another, or deposit large amounts of money into your account, until after the deal is done. 

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