Do Not Finance a Car
Do Not Finance a Car During Escrow
This is one of the classic mortgage disasters.
A new car payment can increase DTI enough to change approval.
Do Not Open New Credit Just for the Furniture Discount
No New Credit Cards Before Closing
Saving 15% on a sofa is not useful if the new credit account creates a mortgage problem.
Do Not Miss Payments
Pay everything on time.
Even a late payment shortly before closing can create serious underwriting issues.
That includes car loans, student loans, credit cards, the rent on your current place and any other payment that appears on your record. The lender may verify payment history again late in the process.
Do Not Move Money Randomly
Large deposits or transfers may require documentation.
Ask the lender before:
- Moving cash between accounts
- Receiving a gift
- Depositing large cash amounts
- Liquidating assets
Underwriting needs to verify the source of funds. A transfer that seems routine to you can require an explanation and documentation when it shows up in the file.
Do Not Quit Your Job Without Calling the Lender
Employment can be reverified before closing.
If a job change is coming, tell the lender before you make the move. Timing and verification rules are the lender's call, and asking first is what protects the file.
What If I Already Did Something?
Tell the lender immediately.
Do not hide it and hope underwriting misses it.
Problems are easier to solve with time.
Lisa's rule for clients during escrow: let the lender know about any large purchase, new credit, new debt, job change or unusual money movement before the transaction gets anywhere near closing.
How Lisa Helps
Lisa is a Nevada REALTOR®, not a lender. She cannot waive lender rules or predict what the lender will approve.
What she does is protect the transaction: she keeps the offer, timeline, contingencies and closing steps coordinated so nothing on the real estate side disturbs the loan file, and she will push you to call your lender before any big financial move. If you changed jobs, opened credit or moved money, the right move is to tell your lender, not hope it goes unnoticed.
