Warning - read before you close
Ten things
that can cost you the loan.
Once your loan is in underwriting, your financial picture is locked in. Changes between contract and closing can trigger a re-underwrite, delay your closing, or - in serious cases - cause a denial.
Finance a new vehicle
Raises monthly obligations and debt-to-income, and triggers a hard inquiry.
Open new credit cards
Lowers average credit age and creates a hard inquiry underwriters flag.
Finance furniture or appliances
Retail financing appears as new debt with a monthly payment obligation.
Change jobs without calling first
Employment is verified at closing - a change can trigger a full re-evaluation.
Make large undocumented deposits
Every closing dollar must be sourced with a documented paper trail.
Co-sign anyone else's loan
Makes you legally responsible for that debt against your ratio.
Close existing credit accounts
Reduces available credit and raises utilization at the worst time.
Miss any payments
One late payment during the contract period can trigger a new review.
Move money without a paper trail
Undocumented transfers between accounts can hold up closing.
Ignore emails from your lender
Conditions have deadlines - a missed request stalls your file.
Things that are completely fine to do during the same window.
Paying down existing balances
Keeping current accounts open and active
Scheduling utilities to start at your new address
Using gift funds - just document them properly with us
Depositing your regular paycheck
Calling or emailing us with any question
Not sure if something is OK? Ask first.
Scan the code or reach out before making any financial decision between contract and closing. A quick call can save your transaction.