The offer on your new home was accepted, your inspection went smoothly, the purchase and sale agreement has been signed, and now you are just waiting for your mortgage commitment letter. You are almost done, but don’t go shopping for that new furniture set just yet!
Most lenders recommend taking a financial pause. Here are some suggestions to avoid common mistakes that can prevent you from getting your mortgage:
1. Do not open any new lines of credit, including opening new credit cards, or taking out new loans.
2. Do not close existing credit accounts.
3. Do not make any large purchases, such as buying/leasing a new car, expensive furniture sets, etc.
4. Do not make significant job changes, such as quitting or changing your job.
5. Do not make large deposits or withdrawals from your bank account.
6. Do not pay your bills late.
If you have any questions, ALWAYS check with your loan officer.