Home Buyer Don'ts
Congratulations! You've made it this far through the mortgage process, which means you've been proven to have exemplary credit, and that lenders are eager to loan you the funds needed to purchase your new home.
But sit tight and be patient. There's still a 45- to 60-day closing process -- a time to hold off on major purchases or lifestyle changes that could adversely impact your finances, your credit, or the interest rate approved for your new mortgage.
Don't apply for a new credit card or line of credit; it can convey to credit bureaus and your lender that you're over-reliant on borrowing money.
- Don't make any large purchases, like a car, or new furnishings for your home.
- Don't max out your existing credit limit.
- Don't quit or change jobs without telling your loan officer first.
- Don't make any large deposits or withdrawals from your bank accounts.
Don't worry -- these suggestions are only temporary. Significant spending and banking behavior requires that we "follow the paper trail" and may result in you having to submit more or updated bank and/or account statements. Waiting until the close of your mortgage process means facilitating the move into your new home more quickly and seamlessly.
