🚫 The Top 5 Things You Should Never Do When Getting a Mortgage
1. 🚫 Don’t Make Major Purchases
Buying that new car, opening a store credit card for furniture, or upgrading your electronics? Wait until after closing.
Large purchases increase your debt-to-income ratio and can lower your credit score, triggering delays—or worse, denials.
Pro Tip: Even a $500 charge can alter your loan approval metrics.
2. 🚫 Don’t Change Jobs or Employment Status
Switching jobs, becoming self-employed, or moving from W2 to 1099 during the mortgage process is a major red flag for lenders.
Even if you’re earning more money, a change in employment type can delay underwriting or force you to restart the approval process.
When in doubt, call your loan officer first.
3. 🚫 Don’t Deposit Large Sums of Cash Without Documentation
Lenders must source and document every dollar used for your down payment, closing costs, or reserves.
Depositing large amounts of cash without a paper trail creates compliance issues and could stall your approval.
Always document gift funds or sale proceeds—and tell your lender upfront.
4. 🚫 Don’t Miss Any Credit Payments
Now is the time to protect your credit score like your future depends on it—because it does.
A single late payment on your credit cards, auto loan, or student loan can drop your score and risk your pre-approval.
Set reminders, autopay, or do whatever it takes to pay on time.
5. 🚫 Don’t Keep Your Loan Officer in the Dark
Changes in your financial situation? Planning to move money between accounts? Thinking of co-signing a loan for someone?
Tell your mortgage professional immediately.
Communication is the key to a smooth, on-time closing. Surprises can trigger delays, re-approvals, or denials.
✅ Work With an Expert Who Knows the Pitfalls
With more than 25 years of experience, I help buyers avoid the most common mortgage mistakes and close with confidence.
I’m licensed in California, Texas, Florida, and Michigan, and offer expert guidance on a full range of loan types—from conventional and FHA to VA and reverse mortgages.
Let’s talk about your goals and how to get you there, the right way.
