What Not To Do After Applying For A Mortgage

Any of these actions could lead to a delay or cancellation of your closing or a denial of your loan.

Avoid changes in debt.

• DO NOT take on new debt.
• DO NOT use credit cards to make purchases that will increase your debt.
• DO NOT start purchasing furniture.
• DO NOT apply for a new loan.
• DO NOT co-sign a loan.
• DO NOT purchase or lease a new car.
• DO NOT pay off a car loan.
• DO NOT close major credit card accounts.
• DO NOT open new credit cards or store accounts.

Avoid changes in employment.

• DO NOT change your job or career.
• DO NOT quit your job.
• DO NOT go on disability if avoidable.
• DO NOT take maternity leave if avoidable.

Additionally...

• DO NOT file new tax returns.
• DO NOT make unusually large bank deposits.
• DO NOT have any major surgeries if avoidable.
• DO NOT legally change your name.
• DO NOT change your social security number.
• DO NOT spend your down payment.
• DO NOT stop making credit card payments.
• DO NOT stop making payments such as rent or utilities.

If you are going through a divorce, please consult your attorney before entering into an agreement.

Avoid any actions that negatively impact your ability to qualify for your mortgage loan, or initiate a new round of paperwork.  If you have any doubts about doing something that may affect your ability to qualify for your mortgage loan, consult your loan provider before you do it.

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