Often times purchasing a home results in other life changes during the loan process. Below are some of the things that could turn your pre-approval into a denial. The list is not all-inclusive; use your common sense before doing anything or if you are unsure your loan officer can help point you in the right direction!
*Do not change jobs.
*Do not become self-employed.
*Do not quit your job.
*Do not buy a car or a van, or a truck or you may be living in it.
*Do not use charge cards excessively or let accounts fall behind.
*Do not make any late payments on your current mortgage accounts.
*Do not co-sign anything for anyone
*Do not buy furniture.
*Do not originate any inquires into your credit.
*Do not apply for any new credit.
*Do not consolidate debt.
*Do not spend money you have set aside for closing.
*Do not make large deposits without first checking with your loan officer.
*Do not change bank accounts or move money around.
*Do not start any home renovations (if you are refinancing).
*Do keep good rental records for tenants (for rental properties).
*Do not omit debts or liabilities from your loan application.
*Do be honest with your loan officer at all times.
*Do not take excessively long vacations where you are not accessible.
*Don’t overbuy a new home.
*Do provide documents to your lender quickly and completely.