You’re in the home stretch of buying a home and the last step is approval for your loan. Don’t prolong the process (or make your lender angry) by doing these things:
DON’T:
❌ Change jobs, become self-employed, or quit your job. Most lenders prefer to have a 2-year job history on file. Making a career move could slow the process or kill the deal entirely.
❌ Be late on payments - stay current with all of your bills. Late payments can affect your credit score, which impacts your mortgage rate.
❌ Make large purchases - this includes opening new lines of credit or applying for loans. Keep your income-to-debt ratio consistent throughout the process.
❌ Open new credit cards - we know you’re anxious to furnish your new house or start working on projects, but again, this can affect your credit score and push your timeline.
❌ Move large sums of money around or make big deposits. You’ll have to explain the nature of the transactions and provide additional documentation, further delaying things.
Remember, lenders LOVE stability. Keep in together for the one month you’re under contract and don’t do anything to raise eyebrows. Once the paperwork is signed and the keys are in hand, go nuts!
Reach out for other home-buying tips or help in getting started!