After you have been pre-approved and have found the perfect home, use caution when making any financial moves. You will be excited to purchase some new furniture or maybe a fancy new TV for you new home. Every store has some great credit card offer if you sign up and use it. Make sure and run it by your lender first. Every time you apply for a card it will show on your credit. If your debt ratio is tight, that new credit card payment may push you over the edge. If you are lucky enough to receive a nice gift of cash from Grandma and Grandpa, don't rush to deposit it, or pay off a credit card with it. Your lender may need to have a gift letter or some kind of proof that shows this was not a loan. Also, if you are thinking about switching jobs, you might want to wait. The lender will be pulling credit, checking bank account statements and verifying employment right before closing. You do not want to cause any red flags that could delay your closing, or worse yet, cause it not to happen.
Things to avoid after applying for a mortgage
Dec 14, 2021