From Application to Keys: Avoiding Crucial Missteps in Your Mortgage Journey

Getting approved for a mortgage can be an exciting yet stressful time. You’ve finally submitted your application after weeks or months of preparation. While you wait anxiously for approval, it’s important not to make any critical mistakes that could jeopardize your home loan. This period between application and closing day requires care and vigilance.

In this post, we’ll explore some of the most common and impactful errors borrowers make during the mortgage process and how to avoid them. Doing so can ensure your loan stays on track and prevent setbacks that can delay closing.

Here are five mistakes to steer clear of:


1. Not Providing Prompt Follow-Up Paperwork

After submitting your application, your lender will probably request additional paperwork and documentation. Fail to provide these materials in a timely manner, and it sends the message you’re not dependable. Be diligent about supplying requested bank statements, tax returns, income verification, and anything else as soon as possible. Keep your loan officer or broker updated on any delays.


2. Making Major Purchases

It may be tempting to splurge on big purchases for your new home. However, hold off if possible. Lenders will check your DTI and credit right before closing. A new car or expensive furniture can alter these factors and raise red flags. Keep spending modest until you get the keys.


3. Stopping Payments to Creditors

Don’t assume your debts will vanish post-approval. Continue making minimum payments on credit cards and loans until your mortgage closes. Delinquent accounts get reported to credit bureaus and can create issues. Maintain your credit standing to avoid complications.


4. Changing Jobs or Income

Your lender validated your financial profile and stability initially. Sudden job changes or income decreases before closing throws this into question. Whenever possible, avoid alterations to employment status or earnings until cleared to close. Inform your loan officer promptly if unavoidable.


5. Transferring Money Between Accounts

Moving savings around between accounts can appear questionable. Lenders often require updated bank statements near closing. Large transfers without explanation can delay approval or make underwriting suspect fraud. Keep funds stable or clarify transfers.



Securing a mortgage is a significant step toward homeownership, but it’s not the end of the journey. Avoiding these common mistakes after applying for a mortgage is crucial to ensure a smooth and successful home buying process. Maintain financial stability, adhere to payment schedules, keep your employment steady, fulfill documentation requirements, and stay in touch with your lender.

Remember, every decision you make during this period can impact your mortgage approval and terms. By being mindful and proactive, you can navigate the post-application phase confidently and increase your chances of securing your dream home.

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