So you’ve been pre-approved for your first mortgage loan, and you’ve found the perfect starter home. Your offer was accepted, the home inspection passed and your loan officer locked you in at a favorable rate. You likely think you’ve all but sealed the deal.
10 Things To Avoid Doing Before Closing
- Buy a big-ticket item: a car, a boat, an expensive piece of furniture
- Quit or switch your job
- Open or close any lines of credit
- Pay bills late
- Ignore questions from your lender or broker
- Let someone run a credit check on you
- Make large deposits to your accounts outside of your paycheck
- Cosign a loan with anyone
- Change bank accounts
- Take out any payday loans
Depending on your personal situation, you might want to take some time to get comfortable with your new mortgage payment — and after that, it’s probably okay to splurge on that new kitchen table,go on a long vacation or open a new line of credit. But doing so before you close could potentially put getting your home in jeopardy.
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