Joe McConnell
7. Avoid Making Large Purchases Before Closing
Once you’ve applied for a mortgage, it’s crucial to avoid making significant financial changes until after closing. Lenders review your financial status before finalizing the loan, and large purchases or new debts could jeopardize your mortgage approval.
Why Financial Stability Matters
Lenders want to ensure that you have the financial stability to repay your mortgage. Any major changes to your credit score, income, or debt levels can raise red flags and cause the lender to reconsider your application.
What to Avoid
Avoid opening new credit accounts, taking out loans, or making large purchases on credit cards. Even if you’ve been pre-approved, these actions could lead to delays in closing or even denial of your loan.
