Blog - home loan

Do's and Don'ts After a Mortgage Application

Friday, February 2nd, 2024 at 11:00am.

Once you've submitted your mortgage application, it's crucial to tread carefully in the financial landscape to ensure a smooth approval process. Here are 10 things you should avoid after applying for a mortgage:

1.) Steer Clear of Significant Purchases

Resist the temptation to make large purchases, whether it's a new car or extravagant furniture, in the period following your mortgage application. Lenders analyze your debt-to-income ratio, and substantial new debts can raise concerns about your financial stability.

2.) Maintain Job Stability

Lenders appreciate stability, and changing jobs during the mortgage application process might send red flags. Try to stay in your current job until the mortgage is approved, as it reflects…

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Pre-approval vs. Loan Commitment: Which One Makes Me a More Competitive Buyer?

Thursday, February 16th, 2023 at 10:20am.

When purchasing a home, a pre-approval and a loan commitment are both important steps in the mortgage process, but they are different.

A pre-approval is a preliminary assessment of a borrower's creditworthiness and ability to qualify for a mortgage. To obtain a pre-approval, the borrower typically provides financial and personal information to a lender, who will then review the information to determine the borrower's credit score, income, debt-to-income ratio, and other factors that could affect their ability to obtain a mortgage. A pre-approval letter provides the borrower with an estimated loan amount they are likely to qualify for and can help demonstrate to sellers that the borrower is a serious buyer.

One thing to remember is that NO…

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