Once You Submit Your Loan Application Do Not Do The Following, Until After You Close On The Purchase Of Your Property, PERIOD.
- Do not deposit cash into your bank account(s).
- Do not apply for new credit.
- Do not go furniture shopping.
- Do not buy a new (or used) car.
- Do not take out another loan (i.e. from your 401k), unless the lender says YES.
- Do not do anything that could remotely impact your credit.
- Do not change jobs.
- Do not become self-employed
- Do not accept any gifts of money without first discussing with your loan officer; and if you accepted gifts, NO CASH. Check or Wire only – all funds must be documented.
Not sure if it will hurt you? Call your realtor or lender first.
Why? Underwriting checks, double, triple and even quadruple checks borrowers credit activity, even up to the day of closing. One wrong move, even at the last minute, could kill your loan. You lose the property and your escrow deposit.