When you finally find that perfect home and have an accepted offer in hand, it is easy to get excited about the future dwelling and forget a few caveats. If you are not careful, that wonderful deal you secured could easily fall apart. There are 7 potential deal breakers that could undo your home purchase. Here are 7 don'ts of mortgage funding:
1. Do not change your employment status.
2. Do not make any major purchases, ie, cars, furniture, home theater, vacations, etc.
3. Do not increase your credit card debt or miss any payments.
4. Do not change bank accounts or make undisclosed large deposits.
5. Do not apply for a credit card, co-sign a loan or make a credit inquiry.
6. Do not spend any money you have set aside for closing.
7. Do not delay in providing all paperwork asked for by your lender.
If you are careful to heed these warnings, you will be signing a hefty stack of documents at closing and enjoying your lovely new home in short order. If you do not, you could find that you no longer qualify for your loan, and therefore, cannot purchase your dream home. Being forewarned is being forearmed. Keep your credit in good order all the way through closing.
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