Getting your offer accepted is an exciting milestone, but it’s not the finish line. This is the time to stay focused and avoid costly mistakes that could put your home purchase at risk. Over the years, I’ve seen buyers unintentionally jeopardize their purchase by making financial missteps after going under contract. To keep your dream home within reach, here are 10 things you must NOT do after your offer is accepted.
1. Don’t Change Jobs or Quit Your Job
Lenders want to see steady employment. Switching jobs or becoming self-employed can raise red flags and delay or even disqualify your loan approval. If a career move is unavoidable, consult with your lender first.
2. Don’t Make Big Purchases Like a Car or Boat
Taking on new debt before closing can impact your credit score and increase your debt-to-income ratio, which could cause your loan approval to fall through. Wait until after closing to make major purchases.
3. Don’t Rack Up Credit Card Debt or Miss Payments
Your lender will continue to monitor your credit until closing. Any increase in credit balances or missed payments can negatively impact your approval or interest rate. Keep your financial activity stable.
4. Don’t Spend Your Closing Funds
The money you’ve set aside for closing costs, down payment, and reserves should remain untouched. Unexpected expenses can arise, and lenders will verify your account balances before closing.
5. Don’t Hide or Omit Debt From Your Loan Application
Your lender needs a complete picture of your financial situation. Failing to disclose debts or liabilities can cause delays, denials, or legal issues.
6. Don’t Buy New Furniture or Appliances
Even if a store offers "no payments until next year," it still affects your debt-to-income ratio and could disrupt your loan approval. Wait until you’ve officially closed on your home before making big purchases.
7. Don’t Apply for New Credit Cards or Loans
Each credit inquiry can impact your score, and new credit lines could alter your approval terms. Hold off on applying for any new credit until after closing.
8. Don’t Make Large Deposits or Withdrawals Without Talking to Your Lender
Any sudden or unexplained changes in your bank accounts can trigger concerns from your lender. Always check with them before moving large sums of money.
9. Don’t Change Bank Accounts
Lenders verify banking history to track your financial stability. Changing banks or transferring large amounts between accounts can complicate underwriting and delay the process.
10. Don’t Co-Sign a Loan for Anyone
When you co-sign, you’re taking on that debt as your own, which could affect your ability to qualify for your mortgage. Even if you’re not making payments, lenders will count it as a liability.
Stay on Track for a Smooth Closing
Following these guidelines can make or break your home purchase. I’m here to guide you every step of the way to ensure a stress-free closing and get you the keys to your dream home.
If you have any questions or need expert guidance, let’s connect. Give me a call, and let’s make your dream home a reality!
Tiffany McAlister | Dream Living Florida | Realty One Group Sunshine
"Where we turn your dream real estate goals into reality."