Congratulations on your decision to purchase a new home. In order to make sure you have a smooth closing, here is a checklist of things you
should not do as you move through this process. Don’t…
Don’t buy a car Don’t buy new furniture for your home (or any large purchase) Don’t make any large cash deposits into your bank account Don’t exaggerate your income when talking to the lender Don’t apply for credit—avoid any hard inquiries on your credit Save enough money to cover your closing costs Don’t overextend yourself—keep your debt balances at around 30% of your credit limit or less Don’t co-sign for anyone on a loan or rental application Don’t get behind on any loans or utility payments Be cautious about consolidating your debt—ask your lender first Don’t change careers Don’t shift your finances around Don’t change your bank Don’t close any existing credit cards Don’t increase your credit limits Don’t max out your credit cards Don’t open any new credit card accounts
Wait until you have signed the papers on your new home and it is fully funded before making any big changes in your finances. If you make any of these mistakes before your loan closes, it could disqualify you from the loan, and you won’t be able to close on your new home.
Source: The Close