Just because you have pre-approval doesn't mean you've locked in that loan. Be sure not to make any of these moves before you close on your new home—or you might lose it all.
1. MOVING MONEY AROUND
If you have cash in the bank, do not move it anywhere while you wait to close. Buying a stock, for example, will lower your net value and reduce the cash you can bring to closing.
2. TAKING A LEAVE OF ABSENCE
Lenders rely on your being able to work and receive paychecks. An absence could delay your approval.
3. APPLYING FOR NEW CREDIT
In addition to dinging your credit score trying to borrow more money suggests that you are not wise with your money.
4. GOING ON A SHOPPING SPREE
Even if escrow is near its end, beware. Lenders run credit reports within hours of closing. Don't run up new debt.
5. SWITCHING JOBS
Even with a pay increase, a change in employment makes you seem risky to mortgage lenders.
John Castelli, Realtor
Keller Williams Realty