5 Mistakes That Could Cost You Your Mortgage Approval

Even small mistakes can cost you a mortgage. Avoid these 5 pitfalls:

1. Applying for new credit

• New credit cards or loans increase DTI and lower your score.

2. Job or income changes

• Lenders want stable income; switching jobs can complicate approval.

3. Large withdrawals or deposits

• Sudden large bank activity triggers verification and delays.

4. Ignoring pre-approval

• Pre-approval helps you know your budget and shows sellers you’re serious.

5. Not reading lender requirements

• Every lender has unique guidelines; missing documents delays approval.

FAQ

Q: Can I fix these issues mid-process?

A: Some, yes — but timing is critical to avoid delays.

Q: How much do minor errors cost?

A: Could be weeks of delay or a higher rate — potentially thousands in interest.

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