June 22, 2023

Know the Do’s and Don’ts of the Pre-Approval Process

Here are the do’s and don’ts to keep in mind after receiving a mortgage pre-approval:

Congratulations on your mortgage pre-approval! Buying a home is a major milestone for many, and of course, you want the entire process to go as smoothly as possible.  At BayCoast Mortgage, we are here to help you every step of the way.

This is an exciting time, but even after obtaining a mortgage pre-approval, you still need to stay on top of your finances before closing on your new home.  That’s because even the smallest financial change, which may seem trivial, could have a negative impact on your creditworthiness and final mortgage approval.

By continuing to make smart financial decisions, you may help avoid any missteps that could affect your homeownership dream. 


  • Keep all originals and have access to all your paystubs, bank statements, and other critical financial documents.
  • Make timely payments on all current debt obligations, such as car payments, student loans, and credit cards.
  • Notify your loan officer prior to making any changes to your employment status, such as changes to your position, pay raises, or loss of income.
  • Tell your loan officer if you plan on receiving gift funds for closing.


  • Make any major purchases (such as a car) that could impact your credit score, required funds to close, or assets – especially if it requires getting another loan.
  • Close or open any asset or credit accounts.
  • Transfer any funds between your accounts without receiving the proper documentation.
  • Deposit monies outside your payroll deposits, particularly from the sale of personal items, without proper documentation.
  • Open or increase any liabilities during your contract.
  • Advance cash from any credit cards or borrow any funds.

As you can see, there are quite a few details to remember once you receive a mortgage pre-approval.  Keeping track of your finances may help you avoid any missteps in the process, making your homebuying journey as stress-free as possible.

If you have any questions, please don’t hesitate to contact us at 877-466-2678. We are here to help!

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