Applying for a mortgage is a major step in the homebuying process. Once your lender has reviewed your financial situation, it’s important to stay financially consistent until closing day. Any sudden changes in your finances could put your mortgage approval at risk.
Here are a few key things to avoid:
- Don’t change bank accounts – Doing so can complicate the verification process.
- Don’t apply for new credit or close any credit accounts – This can impact your credit score and raise red flags for your lender.
- Don’t deposit large sums of cash – These deposits may require extra documentation and cause unnecessary delays.
- Don’t co-sign loans for others – Even if you’re not the one making payments, you’ll still be liable.
- Don’t make big purchases, such as new furniture, appliances, or a car – These can increase your debt-to-income ratio and affect your loan eligibility.
The best advice? Before making any financial moves, always check in with your lender first. It’s better to be cautious than to risk your home purchase falling through.
By avoiding these mistakes and staying financially consistent, you’ll help ensure a smooth path to homeownership.
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