Fast forward in your mind to the moment when you’ve been given a pre-approval letter. We’ve just given you the green light to hop into your realtor’s car and look at homes. This is a super exciting moment!

Here’s the thing – your pre-approval is based on the information you’ve given us, and is only as good as long as that information is true. What this means in broad strokes is that we need your financial picture to stay pretty much the same. The same job, same debts, same payments you make on your credit card, etc. Keeping up your normal spending habits is just fine. What we’re really trying to avoid are big swings that change the financial picture of your life.

Here’s the other thing – your pre-approval letter is for a specific loan amount and purchase price that is directly connected to your goals that you shared with us, and what you qualify for. So stay within that! This also applies to property type. Condos and houses are not the same – property type directly impacts how much you may be qualified to buy.  If you find yourself in love with something that is outside the original scope we approve you for, let us know, and we’ll work with you to revisit the pre-approval.

As always, let us know if we can answer questions for you!