On This Page
- 1 DO NOT FINANCE A CAR
- 2 DO NOT FINANCE FURNITURE
- 3 DO NOT OPEN NEW CREDIT
- 4 DO NOT CLOSE OLD CREDIT ACCOUNTS RANDOMLY
- 5 DO NOT MOVE LARGE SUMS OF MONEY WITHOUT TALKING TO YOUR LENDER
- 6 DO NOT MAKE LARGE UNEXPLAINED CASH DEPOSITS
- 7 DO NOT CHANGE JOBS WITHOUT CALLING
- 8 DO NOT CO-SIGN FOR SOMEONE
- 9 DO NOT STOP PAYING YOUR BILLS
- 10 DO NOT SPEND YOUR CLOSING FUNDS
- 11 DO NOT TRUST A RANDOM EMAIL TELLING YOU WHERE TO WIRE $80,000
- 12 ASK BEFORE YOU ACT
Lisa's advice from accepted offer until keys:
Become temporarily boring.
Do not suddenly reinvent your financial life.
Mortgage approval is based on your financial profile.
Changing that profile while the lender is still approving the loan can create problems.
DO NOT FINANCE A CAR
We covered this separately because people do it constantly.
Wait.
See buying a car before closing.
DO NOT FINANCE FURNITURE
Yes, your new house needs a couch.
It can have one after closing.
Do not open:
- Furniture card
- Electronics card
- Home-improvement card
because you're excited.
DO NOT OPEN NEW CREDIT
New credit inquiries/accounts can change your credit profile and monthly obligations.
Ask the lender before doing anything.
DO NOT CLOSE OLD CREDIT ACCOUNTS RANDOMLY
You may think closing unused credit is responsible.
Maybe.
Maybe it changes credit utilization or history in a way you did not expect.
Ask first.
DO NOT MOVE LARGE SUMS OF MONEY WITHOUT TALKING TO YOUR LENDER
Especially if you're moving funds between accounts in ways that make the documentation trail difficult.
See moving money between accounts before closing.
DO NOT MAKE LARGE UNEXPLAINED CASH DEPOSITS
Your lender may need to source funds.
Tell them before creating a mystery.
See depositing cash before buying.
DO NOT CHANGE JOBS WITHOUT CALLING
Higher pay does not automatically equal easier underwriting.
See changing jobs while buying.
DO NOT CO-SIGN FOR SOMEONE
Your brother needs a truck.
He says:
“Just co-sign. I'm making the payment.”
The lender may still treat that debt as your obligation depending on guidelines.
Bad timing.
DO NOT STOP PAYING YOUR BILLS
You are almost there.
Please don't create a fresh late payment now.
DO NOT SPEND YOUR CLOSING FUNDS
Keep required money available and appropriately documented.
DO NOT TRUST A RANDOM EMAIL TELLING YOU WHERE TO WIRE $80,000
Wire fraud deserves the strongest warning on the site.
If wiring instructions arrive electronically:
Verify them using a trusted independently known contact method.
If instructions suddenly change:
Stop.
Verify.
Never let urgency override verification.
Read the real estate wire fraud center before you wire anything.
ASK BEFORE YOU ACT
That is the whole rule.
If you're wondering:
“Will this affect my mortgage?”
Call the lender.
