Ghummaz Bhatti

Ghummaz Bhatti

What You Need to Avoid After Getting Mortgage Pre-Approval

Obtaining a mortgage pre-approval is an important step in buying a home in Canada. It shows sellers that you are serious about buying a property and it also allows you to budget for your home purchase. However, it is important to know what to avoid after obtaining mortgage pre-approval in order to ensure that you still stay on track with your home purchase.

There are quite a number of things to consider when it comes to avoiding any missteps that could jeopardize your mortgage pre-approval:

Making Large Purchases

One of the key things to avoid after obtaining mortgage pre-approval is making large purchases. Making large purchases can have a negative impact on your loan approval and put you at risk of being denied for a mortgage.

When you are pre-approved for a mortgage, your lender will review your credit score and financial information to determine how much you can borrow. This is based on your current financial situation and the amount of debt you already have. If you make a large purchase after you have been pre-approved, this could affect your ability to get the loan approved.

Your lender will look at your total debt-to-income ratio as part of their review. If you make a large purchase after you have been pre-approved, this could increase your debt-to-income ratio and make it difficult for the lender to approve your loan. Additionally, making large purchases can also affect your credit score. It could make it harder for you to obtain a mortgage.

Applying for a New Loan

Another thing you should avoid doing is applying for any new loan or credit card. To obtain a mortgage pre-approval, you had to provide the lender with a copy of your credit report. This report contains information about your financial accounts, including any loans or credit cards you have. If you apply for a new loan or credit card, this account will show up on your credit report, which could have a negative impact on your pre-approval.

Missing Credit Payments

When you apply for a mortgage pre-approval, your lender will evaluate your creditworthiness and assess your ability to pay back the loan. As such, it is important to maintain your credit score and ensure that you keep up with your credit payments. Missing payments can have a detrimental effect on your credit score and may result in your mortgage pre-approval being declined or delayed.

Furthermore, missing payments can also affect your mortgage pre-approval conditions. If your lender finds that you have missed payments, they may suggest you take out a higher interest rate loan or require a larger down payment.

Changing Jobs or Leaving Your Company

It is crucial to remember that when you first apply for mortgage pre-approval, the lender will take a look at your current employment status. They will want to know that you have a steady job and a reliable source of income. If you change jobs or leave your current company after being pre-approved, the lender may need to re-evaluate your financial situation. This could result in your pre-approval being revoked, and you may have to start the process all over again.

Another reason to avoid changing jobs or leaving your company after obtaining mortgage pre-approval is that it can affect your credit score. Lenders also use your credit score to determine your ability to repay the loan, so any changes to your credit score could affect their decision. If you change jobs or leave your current company, your credit score may go down, which may cause lenders to reconsider your pre-approval.

Not Responding to the Lender

After you’ve been pre-approved, the lender will contact you regularly to provide updates and request other documents. It’s essential to respond to their inquiries and promptly provide any documents they request. Failing to do so can cause a delay in the mortgage process and potentially losing your pre-approval.


As a first-time home buyer in Ottawa, getting pre-approved for a mortgage is an integral step in the home-buying process. However, it’s crucial to remember that there are certain steps you must take during the mortgage pre-approval process and afterward. After being pre-approved, you should avoid making large purchases, applying for new credit, changing your job, or making significant financial changes. Doing any of these things could hurt your chances of getting approved for a mortgage, so it’s important to be aware of them.

Ottawa Mortgage Services is one of the most trusted local mortgage brokers in Ottawa that can help you become a homeowner. Contact us today and find out how we can help you!

Contact Ottawa Mortgage Services to learn more

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