When you're approved for a home loan, the approval is based on your credit score, your income and debt. In order to keep the approval intact, it is best to maintain a stable financial profile from the time you're approved, until you close on your loan. Here is what NOT TO DO.
DO NOT...
1. Change jobs or become unemployed.
2. Buy a car, truck or van unless you're planning on living in it.
3. Use your credit cards excessively or let your payments fall behind.
4. Spend the money you have saved for your down payment.
5. Buy furniture before you close on your house.
6. Apply for credit which adds new inquiries on your credit report.
7. Make any large deposits into your bank account.
8. Change bank accounts.
9. Co-sign for anyone.
10. Purchase anything before closing.
By following these 10 guidelines, you can avoid potential issues that may delay your closing or cause denial of your loan. These guidelines have been provided by our Preferred Lender, Coastal Loans.
