Getting pre-approved is the first step to buying a home, but common mistakes during the process can derail your purchase. Here are the seven biggest pre-approval errors and how to avoid them.
Top Mistakes
- Opening new credit cards or loans before closing
- Making large deposits without documentation
- Changing jobs during the mortgage process
- Not shopping multiple lenders (leaving $5,000+ on the table)
- Maxing out your pre-approval amount
- Co-signing for someone else's loan
- Buying big-ticket items on credit
The golden rule: maintain the status quo from pre-approval through closing. Any financial changes can trigger re-underwriting, delays, or denial. Keep bank statements clean and job stable for 60+ days.
