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What Home Buyers Should Know During The Mortgage Process

mortgage applicationSo you’ve gotten your preliminary loan preapproval letter, gone out with your Buyer’s Agent to visit several properties, and finally found the home you want to purchase. Now what?

Once your offer has been approved and both sides have signed a purchase contract, it is time to begin the process to secure your mortgage. You will need to meet with your mortgage loan officer within the time frame noted on your purchase contract to formally apply for your loan. During this process, you will need to provide your loan officer all the information he/she needs to verify your personal finances, your capacity to repay the loan, and any liabilities you may have.

Mortgage approvals take time – normally 45 days or even more, depending on many factors. Your loan approval will be based on the information you provided to your lender during your initial application, so you should try to keep your financial life as stable as possible during the process – any changes to that information could very easily affect your loan approval. Keep these points in mind while you’re waiting for mortgage to be approved:

  1. Maintain your current employment – do not quit and get a new job at a new company.
  2. Stay current on all your existing accounts.
  3. Keep your funds in stable in the same accounts; don’t transfer large sums of money between accounts.
  4. Do not apply for new credit cards, and keep all existing credit cards open.
  5. Do not buy a new car or do a trade-in.
  6. Do not max out your existing credit cards.
  7. Do not make any large purchases.
  8. Do not make undocumented deposits into your bank account.
  9. Don’t make any changes without first consulting with your lender, thinking it might help you get a better credit score.

This list is just the most common reasons for why you might be denied a mortgage after getting preapproved. There are many other reasons that could undermine your success in getting a loan. Consult with your lender to help you identify them.

Remember, the success of getting a mortgage loan depends on your good credit reputation. Once you have begun the process, you should be careful to keep things as stable and unchanging as possible, or you will risk being denied for a loan.


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If you are buying a home or anyone you know who is thinking of buying a home, use this Home Loan Toolkit to help you understand and help you get the best mortgage specific for your situation. This guide will also help you understand the mortgage process and overview of the total costs of homeownership.


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Our agents write often to give you the latest insights on owning a home or property in the Greater Greenville Area area.