Getting a mortgage preapproval is the first step in the home-buying process. This step requires work and time, and you must find a lender willing to issue you the preapproval. A mortgage preapproval does not mean that the lender will issue you a loan to buy a house. However, it does mean that you currently meet the criteria to buy a house. After getting the preapproval, you could lose it. If you lose it, the lender will not issue you the loan when you need to buy a house. Here are the best ways to avoid losing your mortgage preapproval.

Protect Your Credit

When the lender offered the preapproval, they checked your credit. When they checked your credit, your score met the requirements needed to get a mortgage loan. After you get preapproved, one of the best things you can do is to protect your credit. You can protect it by not allowing anything negative to happen to it. For example, you should avoid missing payments during this time, as a missed payment will cause your score to suffer. You should also avoid taking on new debts, such as car loans or increased credit card balances.

Stay at Your Job

The second way to avoid losing your mortgage preapproval is to stay at your job. Did you know that most lenders want a two-year job history before approving a loan? If you switch to a new job, you will lose your history with your job. Therefore, you could lose your preapproval. As a result, you should not switch to a new job at this time. If you want to get a different job, you may want to wait until after you get the mortgage loan.

Avoid New Loans

As mentioned, getting a new loan can affect your credit score, but that is not the only effect it might have. Getting new loans also affects your debt-to-income (DTI) ratio. Your DTI plays a huge role in your preapproval and approval. If you take a new loan with a monthly payment, it will affect your DTI. It will increase your DTI, and if it increases too much, you might lose your eligibility for the loan. The best thing to do after getting preapproved is to avoid any new debt.

If you have questions about getting a mortgage preapproval or keeping your preapproval, talk to a lender. A lender can help you with both of these things, which are necessary for buying a house.