Pre-Approved for a Mortgage Loan? 

Huddle up! You’ve been pre-approved—great start! But just like in football, getting to the end zone (aka closing day) requires strategy, discipline, and avoiding costly penalties.

One key play to remember: Your credit and financial history aren’t just evaluated when you get pre-approved—they can be reviewed again at any point before closing. Any major financial moves could sideline your approval.

Here are some “fouls” to avoid so you can make it all the way to homeownership:

🚩 Don’t open new credit lines or close current ones.

Your credit history is a major factor in loan approval. Taking out a new credit card or closing an old account could shift your score and impact your eligibility. Keep your credit the same until you’ve crossed the finish line.

🚩 Don’t accept a large cash gift without disclosing it.

If a friend or family member wants to help with closing costs, that’s great—but your lender needs to know. Large, unexplained deposits can look like undisclosed loans, which could delay or derail your loan. Speak with a Greenway Mortgage Loan Officer before you accept any major deposits.

🚩 Don’t max out your credit.

Tempted to buy furniture for your new home? Hold off for now. Using more than 30% of your available credit can lower your score and raise red flags with lenders. Keep your spending in check until after closing.

🚩 Don’t miss any payments.

Payment history is a big part of your credit score. Even one late payment could impact your loan approval. Stay on top of bills and pay at least the minimum due each month.

🚩 Don’t switch jobs.

Accepting a new role during the loan process isn’t impossible, but it will require a new verification of employment. If possible, stay at your current job so your employment and income remain consistent, or talk to Greenway Mortgage first about how a job change might impact your loan.

Bottom Line:

Stick to the playbook, and you’ll be celebrating in the end zone—without a penalty for excessive celebration!

Need help understanding the X’s and O’s of homebuying? The Greenway Mortgage team is here to coach you through every step. Contact us anytime! 888-616-9885