Money Mistakes to Avoid

Just because you have pre-approval doesn't mean you've locked in that loan. Be sure not to make any of these mistakes before you close on your new home—or you might lose it all.

May 13, 2021

Just because you have pre-approval doesn't mean you've locked in that loan. Be sure not to make any of these mistakes before you close on your new home—or you might lose it all.

- Moving Money Around: if you have cash in the bank, do not move it anywhere while you wait to close. Buying stock, for example, will lower your net value and reduce the cash you can bring to closing.
- Taking a Leave of Absence: our local lenders rely on your being able to work and receive paychecks. An absence could delay your approval!
- Applying for New Credit: in addition to dinging your credit score, trying to borrow more money suggests that you may not be able to manage your money well enough to start the home loan process.
- Going on a Shopping Spree: even if escrow is near its end, just know that lenders run credit reports within hours of closing. So, don't run up new debt!
- Switching Jobs: even with a pay increase, a change in employment makes you seem risky to mortgage lenders.

We can’t wait to help you on your journey toward homeownership!