Things You Should Avoid After Applying For a Home Loan

What to avoid

You’ve done everything right so far; you’ve found a great lender, received a pre-approval and submitted your loan package for final approval. Now you’re done, right? Wrong. Until you close on your new loan, it’s more important than ever to keep your credit steady; most lenders perform one last credit check right before they fund and a decline in your score can mean the difference between getting the home and losing the loan.

Things You Should Never do After Applying for a Loan

  • Don’t Change Jobs – While sometimes it’s unavoidable, especially if a new job is a reason for the move, but any change in income or job status creates risk and should be avoided if possible.
  • Don’t Make any Large Purchases – As tempting as it may be to go shopping for new furniture, wait until after you close to make any large purchases. This applies to furniture, appliances and even new cars. New loans could change your debt to income ratio and cause you to no longer qualify for the loan.
  • Don’t Apply for New Credit – Every time someone runs your credit report, your score is affected. This is not the time to search for a new credit card.
  • Don’t Close Any Credit Accounts – It might seem counterintuitive, but closing or paying off loans or credit cards might actually bring your FICO score down. The length of time you’ve had your credit open is a positive effect on credit scores.

The bottom line is to avoid doing anything to your credit. If you’re unsure of what you can or cannot do, ask your lender; they can guide you in the right direction and make sure you close on your new loan.

Jan Kelley is a Top Producing Agent with a strong track record of success who began her career in Real Estate in 2011. Jan initially focused on working with buyers to find their perfect home in the right neighborhood for their unique needs and lifestyle. She further expanded her expertise to sales to help owners market their properties and achieve the best return. She was so successful, she began couching and training other agents. In 2019 to be able to serve all of her clients Real Estate needs she added Commercial Real Estate services. Specializing in residential and commercial leases, purchases and listing sales in the Northeast Dallas Metroplex, Jan knows the market well and offers excellent support, resources and guidance for those seeking or selling homes or commercial property. As a former nonprofit Executive Director of over 10 years and a small business owner, she understands the importance of community and the level of care each client deserves to make confident, informed decisions. Originally from Tulsa, OK, Jan attended Rogers State University and Tulsa Community College. Her career previously involved service to the community in non-profit, education and government. In 1992, Jan was recognized for operating one of the first National Accredited Preschools in Oklahoma, and then taught others how to receive their accreditation at Tulsa Technology Center. She was later appointed by the Governor of Oklahoma to implement the state’s workforce credentialing program at all of Oklahoma’s Technology Centers. Jan and her family moved to Texas in 2011. She and her husband of 39 years are proud parents and grandparents. Jan is a licensed REALTOR®, Seller Representative Specialist (SRS®), Accredited Buyer Representative (ABR®), Certified Negotiation Expert (CNE®), Pricing Strategy Advisor (PSA®), Benefits Association VABA member and a member of Rockwall Chamber of Commerce, Professional Women's Alliance and 100 Business Leaders of Rockwall County. Jan is constantly studying the local real estate market and acquiring new, valuable information to share with her clients. She believes in staying connected through active networking, volunteering and community involvement, to “enhance the quality of life and remain abreast of the decisions that affect us all.” Certified Negotiation Expert CNE® Seller Representative Specialist SRS® Accredited Buyer's Representative ABR® Pricing Strategy Advisor PSA® Veteran’s Advocacy and Benefits Association VABA member Rockwall Chamber of Commerce member Professional Women's Alliance PWA member 100 Business Leaders of Rockwall County member

Posted in Jan J Kelley REALTOR

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