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How to Avoid Getting Your Mortgage Unapproved

Have you been pre-approved or received final approval to buy a home in Albuquerque? If so, that’s great news! Now you have to make sure it stays good news.

Some home buyers make the mistake of thinking that a pre-approval for a loan or a final approval is the final word on getting a home loan. But there are things you can do to mess that all up.

Here’s a few of the ways you can lose that mortgage approval and that home you’re looking to buy.

1. Changing employment.

Getting a new job is usually good news, especially if it’s a better opportunity. But your loan application is based on the job you had when you applied for the loan. Your employment status is a significant part of the approval, so changing your job at all will throw the whole application off.

If you have been given a better opportunity by another employer, check with your mortgage broker first, as they may tell you to wait until the deal closes on the home. Employment stability is what lenders look for. Make sure of how changing jobs will affect the application before you decide.

2. Apply for other loans.

Taking on additional debt after you’re approved for a home loan is another way to lose the approval.

Don’t be tempted by the desire to buy a ton of new stuff for your home in Albuquerque by charging up your credit cards or applying for new ones. This is a sure way to lose your loan approval.

Just like with your employment status, your credit status is a huge factor in your home loan approval. The mortgage company approved your loan based on your credit status at the time of the application, as they use it as an indicator of how you’ll make your payments. Taking on new debt obviously affects that ability.

3. Making large deposits that you can’t document.

You might think that making a large deposit in your bank would be a good thing. But the opposite can be true. When the lender checks your bank accounts and sees a significant deposit that doesn’t match your income, this can throw off the approval.

Make sure when making large deposits that are gifts, car sales, or otherwise, that you have documentation explaining the deposit. You should check with your lender to make sure you have all the documents needed to do so.

4. Forgetting to pay your credit cards.

Failing to pay your credit card bills on time can also throw off a loan approval. Before final loan approval, a lender will go over all your information to see if anything has changed. If you have late credit card payments, they will see those and perhaps turn down the loan.

Pay your credit card bills on time to avoid any potential problems. Your credit history makes up thirty-five percent of your credit score. It is the largest determining factor for credit scores.

Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.


12906 ALICE Avenue NE, Albuquerque, NM 87112  $172,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1443 Square Feet

This wonderful townhome has newer carpet & fresh paint in 2019. Refrigerated Air, Custom Brick fireplace and Banco (hearth). The great room is wonderful for entertaining, and an enclosed atrium opening to kitchen (window) and great room, great for dining or planting. Oversized garage, enclosed courtyard makes this your next home. Close to shopping and fwy. Don’t wait!

Contact the Sandi Pressley team for additional details! 

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Sandi Pressley

Albuquerque New Mexico Real Estate YOUR SOURCE FOR ALBUQUERQUE REAL ESTATE! Sandi Pressley offers unparalleled service to ALL clients in Albuquerque and surrounding communities in the New Mexico real estate market. Sandi's motto is "Putting You First." Your complete satisfaction with our service and representation is our number one priority. As a native of Albuquerque, Sandi Pressley has been dedicated to serving her client's real estate needs for over 45 years. Sandi has achieved a goal unprecedented by any other Realtor of being the #1 Top Producing Realtor for 38 consecutive years in all of Albuquerque as well as the entire state of New Mexico. She is also the #1 Top Producing Realtor for the entire Western Region and 8th in the Nation with Coldwell Banker National. Sandi Pressley serves the entire Albuquerque New Mexico real estate market including the surrounding communities such as Rio Rancho, Placitas, Corrales, Bernalillo, Northeast Heights, North Albuquerque Acres, Sandia Heights, High Desert, Foothills, Four Hills, UNM, Nob Hill, Ridgecrest area, Uptown area, North Valley, Northwest Heights, Paradise Hills, South Valley, Southwest Heights, Bosque Farms, Los Lunas, Cedar Crest, Tijeras, and all East Mountain areas. Whether you are considering buying a home, selling a home or both, we know these areas inside and out.

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