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Ghummaz Bhatti

7 Things to Avoid after Getting Your Mortgage Pre-approved

Having your own home is a dream come true for many people because it’s a place where you can relax and feel comfortable, knowing it’s all yours. For this reason, all prospective homeowners take their time looking for the perfect home. However, not everyone can afford to pay for a house out of pocket, so getting a mortgage is the next best thing.

Borrowing a mortgage involves applying for a loan from a bank or other lending institution and making monthly payments until it’s paid off. However, a crucial part of the mortgage application process is pre-approval, which makes things easier because it gives you an estimate of how much you can afford to borrow. It also speeds up the process by letting sellers know you’re serious. However, getting pre-approved isn’t always smooth sailing from there because you must still be careful and avoid certain things, such as:

#1 – Applying for New Credit

Keeping your credit history pristine when going through the mortgage application process is essential. This means you shouldn’t apply for new credit cards or loans during this time because it can negatively affect your credit score and make it harder to get approved for a mortgage.

#2 – Missing Your Credit Payments

You must also ensure you’re current on your credit card and loan payments because missing even a single payment can harm your credit score. So if you’re struggling to make ends meet, it might be best to put off the mortgage application process until you’re in a better financial situation.

For example, if you have a car loan and miss one payment, your credit score could drop by 100 points or more. So if you’re already on the edge of qualifying for a mortgage, one missed payment could push you over the edge and make it impossible to get approved.

#3 – Applying for Too Much Credit

Just as you should avoid missing your credit payments, you should also avoid applying for too much credit. Excess credit can make it seem like you’re struggling to keep up with your debts and make it difficult to qualify for a mortgage.

For example, if you have a credit card with a $5,000 limit and carry a balance of $4,500, that’s a high credit utilization ratio, which could hurt your credit score. So if you’re planning to apply for a mortgage, it might be best to pay down your credit card balances before you start the application process.

#4 – Leaving or Switching Your Job

Whenever you change your job, it raises a red flag for lenders. That’s because a change in your employment status can make it harder to prove your income and make it more challenging to qualify for a mortgage.

If you’re planning to change jobs, it’s best to wait until after you’ve closed your mortgage. If you must change careers, inform your lender as soon as possible because they may require additional documentation to verify your income.

#5 – Making Big Purchases

You may be excited to buy a new car or take a vacation, but it’s best to avoid making large purchases before you close on your mortgage. Any large purchase will likely require a hard credit pull, which can lower your credit score. A lower score can make it more challenging to qualify for a mortgage.

#6 – Failure to Keep Records

You’ll need to provide your lender with a lot of documentation, so keeping records is vital. This includes your bank statements, tax returns, pay stubs, and other documentation verifying your income. You must keep copies of everything and don’t open any new lines of credit until after your loan closes.

#7 – Not Complying with Your Lender’s Requests

Your loan officer will send you a list of documents to provide, and you must provide everything they ask for. Don’t assume that information you provided in the past will still be on file, especially if it has been more than a year since you applied. It could slow down or even stop the loan process if you don’t provide all the documentation.


A mortgage pre-approval is an excellent way to get a head start on home buying. However, there are several things you may unknowingly do that may compromise your pre-approval or your ability to get a loan. For this reason, you must work with a reputable loan officer and understand the process and your role.

If you’re looking for mortgage agents in Ottawa, Ottawa Mortgage Services can help you! We understand that buying a home is never easy, so we’re here to help you every step of the way to get you closer to your dream home. Visit our website today and apply now!

Contact Ottawa Mortgage Services to learn more

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