Once you’ve been preapproved to finance your next rental property, finding the right property and negotiating a price is the next step. With a signed sales contract and a completed loan application, the process is relatively straightforward.

The lender approves you as well as the rental. Once all thekill your vloding required documents have been reviewed and the property is appraised for the appropriate amount, everything will typically close within 30 days. That is unless you do one of these three things:

Change Jobs. The loan application you completed asked where you work, how much you make and how long you’ve worked there. Lenders want a two year history of employment and expect you to continue working there. If you change jobs midstream however, you may be adding weeks to your closing and miss your closing date. If you change employers you’ll have to wait until you receive your first pay check stub verifying income and some lenders may require you to be there for at least one full month.

Buy Something on Credit. Did you decide you’d like to have a new car along with your new rental home? A new monthly payment, whether it’s for a car or a new washer and dryer, the new monthly payment will need to be verified. New credit purchases won’t show up on a credit report for at least 30 days and your new debt-to-income ratios will have to be calculated all over again.

Apply for New Credit.  If you apply for new credit, even if you decide not to buy that new car, lender will pull a fresh credit report on you just days before you close and compare the new report with the initial one. On the report is a section reserved for “new credit inquiries” which shows the date of the credit request along with the company you applied with. Even if you don’t take out a new loan or credit line, your lender will need to document whether or not you’ve taken on new debt. At minimum, you’ll be asked to write a letter explaining your situation.

The bottom line when being approved for a new mortgage is to stand pat. Your lender will evaluate your loan application based upon the information originally submitted. If any of that changes, that can cause a delay with your closing…or worse, have the deal fall out altogether.