You just signed a contract on your home and your probably on cloud nine. It's an exciting time for all involved. Despite getting your pre-approval and signing the contract for sale, the deal isn't done. There are a few things that you have to avoid to make sure you don't jeopardize your chances of losing your mortgage at the last minute.
- Don't make any changes in employment at all.
- Don't move large amounts of money in, out, or between bank accounts without consulting your loan officer.
- Don't initiate any inquiries into your credit, co-sign for a loan, or run up any credit card debt or let any debt fall behind on payment.
- Don't buy that couch! And what do I mean by that? Avoid any major purchases like furniture or cars. Lots of people get so excited to furnish their home, they go to a store and take out a big line of credit to finance their purchase. You may have just kissed your mortgage goodbye.
Basically, don't make any financial moves at all without talking to your loan officer first. It could end up disqualifying you from getting your dream home.
Thanks to Jeff Mezzetti at Capital Partners Mortgage for giving us guidance with this article. Check him out at. www.jeffmezzetti.com
Nicholas LaSorsa, P.A., Realtor®
Photo credit to jonathanadler.com