Buyer Preapproval: What NOT to do

Cheryl Knowlton:             Hi everybody, last segment in this week’s series on why to get your buyer pre-approved before they go shopping for a mortgage.

So, Clay, I loved a lot of the ideas and tips and tricks that you gave that a lot of professionals may not be aware of. Let’s talk about what not to do. We don’t want to go too creative.

Clay Johnson:                    Yes. Well, there are the things that you don’t want to do to destroy your chances or negatively impact your chances of getting a loan.

And some of those things are not opening new credit while you’re in the process. That’s going to be a no, no. It can actually drop your credit score quite a bit.

Cheryl Knowlton:             Stay away from RC Willey.

Clay Johnson:                    Yes, that’s one of the biggest offenders right there is RC Willey. But we love what they do.

And then secondly is also just making sure that you’re not changing your income structure. Don’t change your job. Don’t make any major career choices without checking. Because if it’s a different line of work that could have an impact depending on your loan types-

Cheryl Knowlton:             Absolutely.

Clay Johnson:                    … and major purchases. It’s so interesting. You’d be surprised how many people say, “I am going to buy a house. Oh, you know what? We’re in a new mindset. Let’s buy a new car too.”

Cheryl Knowlton:             Yes.

Clay Johnson:                    Yeah. So we’re just kind of-

Cheryl Knowlton:             Because we want a new home for our expanding family. We need an SUV car.

Clay Johnson:                    A new car, Exactly. So we just tell folks… We actually have a little video that we’ve done, Cheryl.

Cheryl Knowlton:             I love it.

Clay Johnson:                    Maybe we’ll attach it as something underneath here.

Cheryl Knowlton:             We should.

Clay Johnson:                    But it’s actually the do’s and don’ts, and we give a really good list of about 15 or 20 things. But it’ll take us a while to get through all that. So I think those are the main points on the dos and don’ts that could negatively impact you from a qualification perspective.

Cheryl Knowlton:             Fantastic.  So we will attach that video down below. Any questions that you have, we’d love to hear from you so that we can have the real expert here answer them for you. We hope you’ve enjoyed this week’s segment on preapproval and we’ll see you next week.

Clay Johnson:                    See you guys.