Step 11: Don’t spend extra money

If you are getting a loan to pay for the property, don’t buy ANY large ticket items (anything outside of usual necessities) until AFTER the close of escrow when the keys are handed to you (not just the signing appointment). This includes new furniture for the house, blinds, a car, boat, etc. The lender WILL run another credit check before they send their funds and buying anything (even layaway) can impact the sale. In addition:

  • Don’t quit or change your job!
  • Don’t hide ANYTHING from your lender, even if there’s something potentially negative. Telling the lender up front allows them to best work with the issue to get it resolved.
  • Don’t make any unusual deposits where the source can’t be properly documented.
  • Don’t delay getting paperwork to the lender because you’re irritated by the frequency and/or depth of their requests.
  • Don’t open new accounts, buy a cell phone, or anything else that might cause your credit to be pulled.
  • Don’t co-sign for anything during the purchase process.
  • Don’t schedule a vacation before the closing.
  • Don’t post on social media about your purchase until it’s completed. This avoids any information getting back to the Seller, even if your account is locked down.
  • Don’t do anything “under the table” with the purchase or loan.

Next: Provide documents to your loan officer