Going through several mortgage providers and collating all the necessary paperwork is a troublesome obstacle that any prospective home buyer must go through. Unfortunately, not all homeowners are lucky to find the best deal for a mortgage. This is why it’s a fortunate opportunity to get approval for your mortgage application.

It’s important to remember that applying for a mortgage is just one step in a series of several financial decisions you’ll need to be more conscious of. Since you’re now under a long-term financial commitment, there are several actions you need to adjust and time properly. Otherwise, you could lose the financing agreement you’ve worked so hard to achieve at this point.

Being smart with your financial choices after getting an approved home loan

Purchasing a home is considered a milestone for most people. Although it’s a blessing for some, it’s also a major commitment that entails several dos and don’ts. Remember that financial decisions that you make can have a significant impact on your application’s approval.

If you want to secure your mortgage application, here are three financial moves you should avoid:

1. Changing jobs

Remember that accepting a borrower to borrow a particular loan amount is a risk for your loaning company. This is why you had to go through a rigorous screening process to ensure your credibility in committing to repayments. For this reason, it’s generally a bad idea to switch jobs or be demoted to a lower pay grade.

Some mortgage plans have a minimum income requirement that they’ll demand to see through your monthly salary. If you change jobs without a reliable career plan in mind, you may risk losing your mortgage.

2. Incurring more debt

Some home buyers tend to get ahead of their mortgage and purchase cars, furniture, and appliances in advance. Although it’s important to identify your prospective furnishing pieces before moving into a home, this can lead to higher debt to income ratio. A loan officer can interpret your spending history as a greater risk for their company, which can be grounds for your application’s denial.

3. Changing bank accounts

Your loan officer needs to review and track a credible and reliable credit history to rack your assets. This will be increasingly more difficult if you’re in the process of transferring money between bank accounts. Although it won’t damage your credibility as a borrower, it can raise some red flags with your loaning company. It’s necessary to maintain transparency in your loan application to avoid any miscommunication.

It’s best to avoid closing any credit accounts you currently have in line with changing bank accounts. Having fewer credit accounts doesn’t make you less of a liability risk. In reality, lending companies rank your credit scores due to your credit history’s length and depth. Closing your accounts will lead to a negative impact on the determinants of your credit score, affecting your total usage of available credit.


Proper financial planning is a critical stage you need to consider before applying for a long-term financial commitment. Since it will take several years before you can pay off your mortgage, you need to ensure that you’re financially capable of shouldering your monthly debts. This is why you must be wary of choosing the right mortgage provider. Getting advantageous terms right from the start can go a long way to sustain your lifestyle in the future.

Finding the right mortgage provider will prevent you from going through unnecessary back and forths in negotiation. Halpern & Associates is a reliable group of mortgage brokers in Florida, providing homebuyers with the best deals in the market. Contact us today and see how our mortgage experts can help finance your home!

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