1. Don’t make large purchases. Avoid buying cars, furniture, appliances, or withdrawing large sums of cash. These purchases can change your debt-to-income ratio.
2. Don’t open, close, or increase credit accounts. Any credit changes or new inquiries can trigger a re-approval and delay your loan.
3. Don’t change job. Even promotions or switching from salary to commission can disrupt your approval process.
4. Don’t deposit large amounts of cash. Lenders need a paper trail for all unusual deposits. Always ask before depositing anything unusual.
5. Don’t transfer large sums of money between accounts. This also requires sourcing and can slow down underwriting.
6. Don’t miss or delay bill payments. One late payment can drop your score at the worst possible time.
7. Don’t co-sign for anyone. Co-signing adds liability and can jeopardize your debt-to-income ratios.
8. Don’t ignore requests from your lender. Respond quickly to keep underwriting on schedule.
9. Don’t make major financial changes. Avoid taking out new loans, opening businesses, or moving assets without checking with your lender.
10. Don’t keep concerns or questions to yourself. If you ever have questions about whether something affects your loan, reach out. I’m here to guide you every step of the way.
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