Having the home buying offer accepted is like the last step in the homeownership journey, but truly, there are several milestones to go. In between the time having the offer accepted and closing on your new house, the mortgage application should be reviewed again and again and approved by the mortgage provider.
While you are applying for the mortgage for your home, several roadblocks and issues appear in the passage, which slows down the approval process and, in some cases, brings it to the complete pause. Thankfully, the roadblocks for mortgage approval should be avoided if proper actions are taken and a little bit of patience.
As the mortgage application is being reviewed, here are some of the roadblocks for loan approval that should be avoided here as follows-
- Buying the Big Ticket Item Like The Car, Boat, And Any Other Expensive Furniture
- Pay the bills late
- Quit or switch the job
- Open or close any lines of credit
- Ignore the questions from the lender or even from the mortgage brokers
- Let someone else other than the lender run the credit check on you
- Make the large bank deposits other than the paychecks
- Co-signing another loan with anyone
- Changing the bank accounts frequently
- Taking out any payday advance loans
Do any one of these roadblocks, as mentioned earlier, even when you have a pre-approved mortgage loan. It will impact the loan overall and affect the overall debt-to-income ratio, income, credit scores, and even the closing timelines. If you want to avoid these roadblocks, it is very important to consult with the mortgage broker, who will help you reduce the impact of these roadblocks and make your mortgage approval easier than before.
If you are looking for home Mortgages in Kelowna, you should take help from the mortgage broker from Flash Financial, one of the trusted mortgage providers in Kelowna who will guide you in the process of availing the mortgage for homes. Consult the team to know more.