Don't Do These After Applying For a Mortgage
Don't do these things after applying for a mortgage because you could lose your ability to obtain financing.
The lender will check your credit again just before you close on your home and if your Debt to Income Ratio (DTI) is too high, they can deny your loan just before you close on your home. If that happens and you're just days away from buying your new home, can you imagine how devastated you'd be?
- Don't go out and buy (or lease) a car
- Don't ignore all of the information the lender is requesting from you. Getting them the info is a top priority.
- Don't move large sums of money around (unless you get the clear to do so from the lender, such as shifting your down payment money)
- Don't switch banks
- Don't pay off or close any old collection accounts unless specified to do so by the lender.
- Don't change jobs (and try to keep the one you have ;)
- Don't take on new loans
- Don't run up your credit cards on new appliances and furniture (maintain the same spending habits)
- Don't co-sign a new loan for anyone
- Don't stop paying your mortgage, unless the lender specifically told you to do so (in writing)
- Don't file bankruptcy (sort of goes without saying, right?)
Now you know better :)