You’ve assessed your finances and the housing market and researched the various financial options open to you and your household. Then, you took the leap in applying for a mortgage – quite possibly the most significant money-related decision of your life. Now you play the waiting game.
This waiting period is perhaps one of the hardest parts of the home-buying process, determining if you have been approved or rejected for a home loan. While it can be challenging, especially in this Canadian real estate market, you can be confident in your prospects if you have taken the necessary steps and employed the right strategies to receive approval and attain the best mortgage rate.
But it is not time to throw caution to the wind. In fact, you need to be more careful in what you do with your finances until you receive the funds to purchase, whether it’s a single-family cottage in Muskoka or a two-bedroom condominium in the Toronto housing market.
So, what are some things you should do? Or better yet, what are some things you should avoid doing, after applying for a mortgage? We have compiled a list of critical aspects you need to consider moving forward.
Key Things To Avoid After Applying for a Mortgage
- Avoid Making Large Purchases
- Don’t Co-Sign Other Loans
- Refrain from Applying for New Credit
- Wait to Change Bank Accounts
- Keep Your Credit on Ice
Let’s be honest: It can be harder to get approved for a mortgage. Average home prices are high across the country, the stress test has been raised, and interest rates are rising. Homeownership can appear to be a daunting task, but it is still within reach if you do your due diligence.
If you have the means to apply for a mortgage, you can enhance your chances by being extra cautious as you wait for that life-changing stamp of approval.