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We're Team Kathy Borys

We’re your Minneapolis – St. Paul – Twin Cities Real Estate Agents who love to laugh, check out the local scenes, and keep you up-to-date on the latest housing market trends in the area.
Whether you’re thinking of buying your first home, relocating to the Twin Cities area, or looking for your “forever home”, we’re here to share our expertise, insights, and of course, some fun, to help you explore all that our metro area has to offer! 

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Navigating the Mortgage Journey: Things to Avoid After Applying 


Congratulations, you’ve taken the first steps toward homeownership by applying for a mortgage! In this blog post, we’ll explore the key things to avoid so you experience a smooth journey to your dream home.


1. Changing Employment Status: 

It might be tempting to explore new job opportunities or change employment after applying for a mortgage. However, this can introduce uncertainty to your financial stability. Lenders prefer stability, so be sure to maintain your current employment until after closing.


2. Making Major Purchases: 

Hold off on significant purchases like a new car, furniture, or other big-ticket items. These purchases can impact your debt-to-income ratio and financial stability, potentially affecting your mortgage approval. As tempting as it is to buy furniture for your new home once you have an accepted offer, it’s important  to hold off until after closing day.


3. Opening New Credit Lines: 

While it may seem harmless, opening new credit cards or lines of credit can affect your credit score and overall financial profile. Lenders scrutinize your credit history, and any changes can raise concerns.


4. Drastic Changes to Bank Accounts: 

Avoid making large transfers or substantial deposits into your bank accounts. Lenders analyze your financial history, and sudden shifts may require additional documentation or explanations.


5. Missing Payments: 

Maintain a spotless payment record on existing debts. Late payments or defaults can have a negative impact on your credit score and raise red flags for lenders.


6. Co-Signing for Others: 

Co-signing for another person’s loan can increase your financial responsibilities and affect your debt-to-income ratio. It’s best to avoid taking on additional financial obligations until your mortgage is finalized.


7. Neglecting Communication with Your Lender: 

Open communication with your lender is crucial. If there are changes in your financial situation or any unexpected developments, keep your lender in the loop. Transparency is key to a successful mortgage process.


8. Draining Your Savings: 

While it’s natural to start planning for homeownership, avoid depleting your savings. Having a financial cushion is essential for unexpected expenses during the home buying process.


9. Ignoring Your Credit Score: 

Monitor your credit score regularly. Any changes, even small ones, can impact your mortgage terms. Address any discrepancies promptly and ensure your credit remains in good standing.


Avoiding these common pitfalls after applying for a mortgage is very important. By maintaining financial stability, open communication, and responsible financial habits, you pave the way for a successful mortgage approval and a smooth transition to your new home.


Remember, every financial decision matters during this process. Stay informed, stay cautious, and get ready to unlock the door to your dream home!


Looking for more insights into the home buying process? Check out our other blog posts or get in touch with our team for personalized guidance.

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