1. Make Any Large Purchases: A major purchase that requires a withdrawal from your funds or increases your debt can cost you your new home! Your lender may pull your credit or re-verify funds right before closing, so avoid purchases that could impact your loan approval.
2. Paying Off Existing Accounts Unless Your Lender Requests it: If your Loan Officer advises you to pay off certain bills in order to qualify for the loan, follow that advice. Otherwise, don’t make any changes to your accounts until your escrow closes.
3. Move Your Money to Another Institution: After the lender has verified your funds at one or more institutions, the money should remain there until needed for the purchase! If it gets moved, or if changes are made this may flag the lender and cause delays!
4. Change Your Marital Status: How you take title on your new home is affected by your marital status. Be sure to make your lender, your Realtor and the title company aware of any changes in your marital status so that documents can be prepared correctly and avoid any delays!
5. Change Jobs: A job change or even a change in hours worked may result in your loan being denied, particularly if you are taking a lower paying position or moving into a different field. Don’t think you’re safe because you’ve received approval earlier in the process, as the lender may call your employer to re-verify your employment just prior to funding the loan.