Congratulations! You have been pre-approved for a mortgage and found your dream home! You’re beyond excited and ready to decorate your new home! But before you make any big purchases or move money around, consult your loan officer. Here are six things you should not do after applying for a mortgage! Some may seem obvious, but some may not!
1. Don’t change jobs or the way you are paid at your job!
2. Don’t deposit cash into your bank accounts.
3. Don’t make any large purchases like a new car or new furniture for your new home.
4. Don’t co-sign other loans for anyone.
5. Don’t apply for new credit.
6. Don’t close any credit accounts.
Bottom Line is, any change in income, assets, or credit could affect your loan. The best advice…. disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to help and guide you through the process.