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<p> You’ve got your down payment together and you’ve found a great house that you just need. All you have to do now is secure a mortgage and you’re good to go. You know you have a good credit score and your job is secure, but that doesn’t necessarily guarantee approval. <br> Here are four things you should not do while waiting on your mortgage approval. These actions could lead to your mortgage application being denied:</p>
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<ol><li>Don’t change jobs<br> There are plenty of reasons good and bad to change jobs, but changing jobs while waiting on a mortgage approval is a risky proposal as a change in employment could lead to your application being denied. If considering a change in your work situation, speak with your mortgage professional and remember to consider the following factors:<br> •    If your new income will include regular bonuses, overtime or commissions, your application may be put on hold. Perks like these require a two-year history before they can be considered income.<br> •    Speaking of two-year income histories, that’s what lenders need from self-employed people as well. If you’re going into business for yourself, your mortgage will have to wait.<br> •    If you can’t stand your job and want to quit, don’t! Employment information is an important part of the application. If you absolutely must leave your job, you’re better off waiting until you’ve closed on the new house.<br> •    If you’re offered a job, ask if it has a probationary period. No mortgage lender will approve an application that relies on probationary employment.</li><li>Don’t buy a car<br> Your car may die. You may find a great deal that’s hard to pass up. Either way, check in your mortgage broker before making a final decision on a new vehicle. If the numbers on your application don’t match the reality, your application may be in jeopardy.</li><li>Don’t make any changes to your credit <br> Have a bit of extra cash on hand and want to pay down a debt? Think it’d be a good idea to change your payment schedule on pre-existing debt? Check with your mortgage professional before doing anything of the sort. Changing any credit-related info can affect how your application is received.</li><li>Pay your bills on time<br> Make sure to pay your bills on time (or early!) while waiting for your mortgage approval. A late payment can affect your credit score and that can have a big effect on whether your application is approved or not.<br> Getting approved for a mortgage doesn’t have to be hard. If you do your research and follow the rules, you’re on the right path. <a href="mailto:steve@stevewhitemortgages.ca">Contact Steve White</a> for more information and he’ll help you stay on the path to mortgage approval and home ownership.</li></ol>
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