Buyers! Do not do...
What buyers shouldn’t do after applying for a mortgage:
- Do not take on new debt with sudden purchases or even open up a new credit card account. This can change your qualification for a mortgage. Even leasing a car can affect your debt-to-income ratio. Wait until after closing.
- Do not pack everything too soon. Do not pack your important paperwork - bank statements, tax returns, even your checkbook - until the last minute. You never know when something will be needed and you don't want to be searching through boxes to find the information.
These points are only offered as precautions. The mortgage process is not over once a lender approves the buyer. The truth is, the process continues and takes into account "everything" you do right up until the day of closing. Be sure not to do anything that may negatively impact your credit or create the need for new paperwork. If you have any doubts, be sure to talk to your lender first.