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Four Things NOT to Do Once Your Home Loan is Approved

Your home loan got approved. and now you are just waiting to make it to the closing table. But don’t throw your loan into jeopardy by making one of these common mistakes--

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You made an offer on several homes, missed out on a few and finally, on the dream home of your life, you kept raising the ante as you bid against other buyers and---yipee! the seller picked YOU!

OMG, now it's time to go out and celebrate after weeks of nerve-wracking trevails.

What a relief it will be to take a few days off in Cancun, using the credit card, and reorganize all of the funds in your checking and savings accounts back to where they were before you shuffled them around in getting the loan.

But wait a minute!  

You have gotten approved for a home loan and now you are just waiting to make it to the closing table. Stop! Make sure you don’t throw your loan approval into jeopardy by making one of these common mistakes--

• Making a big purchase. Avoid making major purchases, like buying a new car or furniture, or vacation until after you close on the home. Big purchases could change your debt-to-income ratio that the lender used to approve the buyer’s home loan and could throw the approval into jeopardy.

• Opening new credit. Now isn’t the time to open up any new credit cards.

• Missing any payments. Home buyers need to be extra vigilant about paying all their bills on time, even if they’re disputing one.

• Cashing out. Avoid any transfers of large sums of money between your bank accounts or making any undocumented deposits — both of which could send up “red flags” to your lender. Source: Realty Times

Home prices are going to start sharply rising upwards and interest rates are still low---for now, that is. So this is the time to make your move and buy that dream home that you have been waiting for. Just don't lose it once you've got it.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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