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How to Stay Pre-Approved When Buying a House in Snohomish County
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When buying a house in the Snohomish County area it is extremely important to have your preapproval letter ready to go. This gives you great purchasing power when writing an offer on a house. Every buyer needs to provide a preapproval letter to the listing agent or seller unless you are paying with cash. If you are paying cash you need to provide proof of funds. When you are in the process of purchasing a house with a home loan it is very important that you keep your financial status the same as when you received your preapproval letter. This is vital to getting your loan approved in the final stages of underwriting.
It would be horrible to be in contract on a house only to find out at closing that you are no longer approved. We have put together a few tips to share with you on how to stay pre-approved when buying a house. Pre-approvals are usually good for about 60 – 90 days depending on the lender or bank. If you are still looking for a house after your preapproval expires you can easily update it again. Your lender will just need updated documents showing everything has stayed the same.
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Income Changes
There are many things to be careful of when you are in the process of buying a house. One big factor to watch out for is any income changes that might occur. You will want to keep your job hours and pay the same as when you filled out your loan application. If you receive tips or various wages you will want to be consistent with how much you make. Make sure to let your lender know ahead of time if you are a seasonal worker or make less money during certain times.
If you are thinking of switching jobs you will need to discuss this with your lender first. Usually, if you are switching jobs and staying in the same field of work with the same pay it is okay. You do not want to get into an entirely new job because it will change your loan application and will have to start all over. You will need to show proof of employment by giving the lender at least 30 days worth of pay stubs. The lender will find out if you switch jobs because they call your employer the day of closing to verify your employment. This is something to talk with your lender about to get 100% accurate information for your situation.
Spending Money
Be very cautious when spending any money while buying a house. Even after closing, you might need to prove that you have sufficient funds in your bank account depending on the type of loan you have. If you are depositing any big amount of money into your account get copies of the check because the lender may ask for them. They want to make sure you are not getting any additional gifts then what was discussed. Do not go out and buy new furniture, a car, or anything else that would significantly affect how much you have in your bank accounts. Also, do not finance anything while you are buying a house as it will mess with your credit. The key to staying preapproved is to be consistent with your money. If you are not sure about buying something you should always check with your lender first.
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Marital Status
If there are any changes to your marital status make sure to tell your lender at the beginning of the process. This is important information because if you are married and you are only buying the house it will affect who is on the loan. This also affects how the deed will be recorded at the County Office. You do not have to be married to buy a house with someone. You will just want to be very clear with your lender what your status is and what it will be through the home buying process. If you are planning on getting married and it is before your house closes do not legally change your last name until after the house is closed.
Credit Score
It is very important to keep your credit score the same. You will want to make sure that you pay all of your loan and credit card payments on time. If you are late and your score goes down this can affect getting your loan approval. You only want to pay the minimum amount due on your credit card each month. Do not pay it off completely unless there is just a small amount left. Do not open any new credit cards, get any new loans or increase your credit card limit. Another important thing to know is to not pay any old collection accounts down unless your lender advises you to.
If you have more questions about how to stay pre-approved while buying a house we can get you in touch with one of our preferred lenders. We are happy to help! Call 425-308-6641.
