Here are some things you'll want to avoid to make sure you're in the best position when you get to the closing table
So, you’ve applied for a mortgage—congrats! But hold up, you’re not at the finish line yet. To keep everything on track, here are some key things you should definitely avoid doing until you're holding those new house keys in your hand.
Don't Change Bank Accounts
Switching bank accounts can cause a major headache for your lender. They need a clear picture of your financial history, so keep your accounts steady until after closing.
Don't Apply for New Credit or Close Any Credit Accounts
Applying for new credit or closing existing accounts can mess with your credit score. Even a small dip can affect your mortgage approval. Keep everything as is to avoid any surprises.
Don't Make Any Big Purchases
It might be tempting to buy new furniture or a car, but resist the urge! Big purchases can impact your credit score and debt-to-income ratio, which are crucial for your mortgage approval.
Don't Co-Sign Loans for Anyone
Co-signing a loan means you’re responsible for that debt, which can affect your ability to qualify for your mortgage. It’s best to wait until after closing to help out your friends or family.
Don't Make Any Large Deposits or Transfers Into Your Account Before Speaking With Your Lender
Large deposits or transfers can raise red flags for your lender. Before moving any significant sums of money, check in with your loan officer to ensure it won’t impact your mortgage process.
Be Sure to Connect with Your Loan Officer Before Making Any Financial Decisions
Your loan officer is your best friend during this process. Any time you’re thinking about making a financial move, give them a call first. They’ll help you navigate the best course of action to keep your mortgage on track.
Remember, the goal is to keep your finances as steady as possible until closing. Following these tips will help ensure a smooth path to getting those keys in your hand.
Got questions or ready to start your home buying journey? Contact us at Mayer Realty Group today!
