Being approved for a mortgage is about more than having enough funds for a down payment. For the process to be successful, lenders consider various aspects such as your income, employment history, credit history and the property you wish to purchase, to name a few.

Ensure it all goes smoothly

You have finally saved enough money for a down payment, and you are excited to buy a property. You have spent a considerable amount of time looking for the right home and your mortgage has been approved. However, before the purchase actually goes through, any significant changes to your finances can affect your mortgage approval. A lender can revoke your mortgage approval any time before the closing date if there are changes to your financial circumstances.

Most lenders will request credit bureau reports to be pulled within 30 days of the approval and they might even request a new one between the mortgage approval and the funding date, especially when there is a long period of time between the two.

To ensure a smooth process from the time you have been approved for a mortgage to receiving the funds for your mortgage, keep these helpful tips in mind.

Stay informed for assured success

Buying a home and getting approved for a mortgage is not meant to be a difficult process. It is important to do your due diligence and know as much as possible and make informed decisions on your path to homeownership. If you are in doubt, it’s always best to call a mortgage expert before making a move that could jeopardize your approval.