What You Shouldn’t Do After Your Mortgage is Approved.
Congratulations your loan is approved! But it’s not over yet! Lenders always do last minute checks on your job, credit and funds to close. So, If you change any of these, even after your loan is approved, you could lose the house at the last minute.
Here are some “DON’TS” to avoid just before you close. You can DO THE “DON’T’S”, AFTER you close.
Don’t quit your job. Lenders won’t let you close if you’re not employed. This also goes for borrowers who change careers, work on commissions, or decide to be self-employed. Don’t borrow, make any surprise last minute large deposits or spend your money. You could seriously delay your closing or worse be short of cash to close and lose your house.
And no, you can’t use credit cards to cover any shortages. Don’t apply or accept new credit. That Porsche might look beautiful in your garage but once financed could add too much debt to your debt-to-income ratio and that could mean you’ll be living in that Porsche instead of your new home.
So, there you have it: DO THE “DON’T’S” AFTER YOU CLOSE and get everything you want, including the house.