Once you are approved, the lender often re-checks your finances right before closing. A few common moves can undo your approval at the worst possible moment. Here is what to steer clear of.
Avoid these until you have the keys
- Opening new credit cards or financing a car
- Making large purchases that drain your savings
- Changing or quitting your job
- Moving big sums between accounts without a paper trail
- Missing or paying bills late
- Co-signing a loan for someone else
Why it matters
Each of these can change your debt, your income, or your credit score, the exact things your approval was based on. Even a new store card can lower your score enough to affect your rate.
The safe approach
Keep your finances boring until closing day. If something unusual comes up, like an unexpected deposit or a job change you cannot avoid, tell your loan officer before you do it.
When in doubt, ask first. A quick text to your loan officer can save you from a delay that pushes back your closing.