What Not to do when Buying a HOME

During the home buying process, it’s absolutely necessary to maintain the status quo on your finances and how you spend your money until you’ve closed on your home. Doing something risky can jeopardize your loan approval status and prevent you from buying that home. If you’re unsure of something, always ask your mortgage lender and keep your agent in the loop for guidance beforehand about how this may affect your ability to qualify for your mortgage loan.

Here is a list of actions that could be harmful to your loan approval status:

  1. DO NOT: Change jobs, become self-employed, or quit your job.

  2. DO NOT: Buy vehicles (Or boats, motorcycles, 4 wheelers).

  3. DO NOT: Use charge cards excessively or let your accounts fall behind.

  4. DO NOT: Spend money you have set aside for closing.

  5. DO NOT: Omit debts or liabilities from your loan application.

  6. DO NOT: Buy big-ticket items (furniture, costly major appliances, jewelry).

  7. DO NOT: Originate any inquiries into your credit (except mortgage lenders).

  8. DO NOT: Make large deposits (first check with your loan officer).

  9. DO NOT: Change, close, or alter bank accounts/credit cards/loans.

  10. DO NOT: Co-sign for a loan.