3 Mistakes to Avoid After Being Approved for a Home Loan


After months of planning and a lifetime of saving and good financial decision-making, your mortgage application is finally on its last legs, with your dream of homeownership nearing realization.

While you may have run into some difficulties after navigating through the application process, your efforts proved their worth as the finish line is now in the distance. The more you think about the difficulty that you had to go through from the moment you saved up the last penny needed for your down payment, the harder it is not to feel ecstatic after hearing you’ve been approved.

However, just because you’re almost done with your home loan application doesn’t mean that you should be overly relaxed as you were before applying. 

Mistakes you should avoid when closing your home loan

At EST Home Mortgage, we’ve seen our unfortunate fair share of horror stories from home buyers that had their dreams derailed after having their applications rescinded because of mistakes they made. Unfortunately, these same mistakes are common, and many applying buyers end up making them and inadvertently hampering their chances of success. 

If you’re on the last leg of your mortgage application process and awaiting confirmation before moving forward with your purchase, it’s critical that you pay attention to what you shouldn’t do: 

Mistake #1: Changing jobs

Out of all the different mistakes that you should avoid during the last few steps of your home loan application, the one that can cost you the most is changing jobs all of a sudden. 

The main reason a lot of applicants end up getting their mortgage applications approved is that lenders understand that their full-time and stable permanent positions can provide a sufficient level of stability. When you change your job, you end up taking this necessary stability away to a point where a lender may no longer feel confident with proceeding.  

Even if you leave your current job for a higher-paying one, the new position you’ll take will put you in a probation period that most lenders see as high risk—potentially bringing the process back to square one. If you find yourself with a job opportunity at this point, it’s ideal to wait until you’re officially provided with a mortgage!

Mistake #2: Being delinquent on payments

If you want to know the fastest way to get disqualified from getting a home loan (or having the entire process delayed), it’s messing up your payment history and credit score by missing payments. 

You see, your payment history plays one of the biggest roles in determining your credit score and overall eligibility because underwriters use it to determine if you’re fit for a home loan. Considering that the records associated with your credit score speak volumes about the relationship you have with money and financial obligations, blemishes can bear a much bigger impact than you may expect.

Fortunately, paying your bills on time (or even paying more than you should) will conversely increase your likelihood of being approved and having a faster application!

Mistake #3: Making large purchases

Generally, people underestimate the fact that purchasing a home is one of the most expensive purchases they’ll make. This usually means that lenders won’t feel too comfortable lending you money after seeing you spend on other large-ticket items.

Overlooking the severity and sheer financial weight that applying for a home loan bears means you’ll end up being susceptible to making large purchases in either cash or credit that will take away from your savings. Once a large credit is noted in your savings account or credit limit, lenders will take this as a sign to not proceed with lending you money since this may be a potential inability to pay in the long run! 


While you may feel as relaxed as possible after being approved for a home loan, it’s important to understand that this is more of a time for care than it is a celebration. In the meantime, be sure to avoid the three key mistakes mentioned above to ensure that you don’t end up slighting your chances of moving into the home of your dreams! 

Are you looking to buy your dream home instead of spending more money on a lifetime of renting? We’ve got the best home mortgage lenders in Michigan that can help you find the bargain rate you need. Get in touch with us today to learn more about our services!