The day has come. You picked out the perfect house to become your home. You have the contract negotiated at the terms that are acceptable to you and the seller. Your documents are in with your broker and you begin to work on your mortgage application. At this point, the house is not yours yet, but it’s moving in that direction. So what could go wrong? What should you avoid when you’re working with your broker and processor to get final approval and the clear to close on your mortgage application? Let’s go over just a couple:
Don’t change jobs. Even if someone offers you a higher wage and better hours, don’t take the offer until the house is yours. The reason is that the lender will have to re-evaluate if you have a history of job stability. You don’t want to chance this and have them determine that you don’t.
Don’t have your credit pulled. Right now is not the time to buy furniture for your future home or buy that new car or open up that new credit card. Leave everything as it is. The logic behind this is your lender gave you a conditional approval based on what your credit report said at the beginning. If you change the variables, it may change their decision.
Don’t make large deposits. Every large deposit will have to be proven, so before you make any large deposit call your broker. They will be able to guide you in which type of documentation will need to accompany each type of deposit in order for it to be counted towards your assets requirements in your application.
There are other things along the way that you’re going to want to do. The best practice is to simply have an open conversation with your broker and processor. Their goal is to get you the final approval and clear to close on your mortgage application, so utilize them as a resource to get to the finish line of this process.