Don’t make any major purchases that would create debt of any kind (cars, furniture, appliances). Even paying cash for a major purchase may create a problem with getting a loan, as the lender may be using your cash reserves to help you qualify. Resist the urge to buy furniture or appliances even if you are getting a zero interest special. Wait until after closing so that your ability to get a loan will not be affected.
Don’t change or quit your job, as job stability is important to lenders.
Keep a paper trail of any large deposits, because lenders need to know where your down payment is coming from. Even if you are getting your down payment as a gift the lender needs to know the details.
Do not buy or look at houses without representation even though it is tempting to walk into a new home subdivision to tour model homes. Call us first. We are Exclusive Buyer Representatives which means we represent your best interest when buying a home.
Don’t get into specifics of the negotiation on public blogs or social networking sites. Even talking about how much you love the new house you are buying can make you look desperate to buy and can cost you money when negotiating.
Don’t change banks or financial institutions
Don’t pay any bills late. Every bill needs to be on time to show the bank that you will make your future house payment on time
Don’t co-sign a loan for someone else. The lender will still consider this your debt and you may not be able to get a loan.
Don’t lie on your loan application. Lenders check everything you tell them. They will find out and it may cost you the loan and money you have paid for earnest money and inspections.
Don’t have inquires made into your credit unless it is related to your mortgage. Comparing a couple of lenders or having insurance agents run your credit is okay but resist the temptation to take out zero interest credit cards.
Don’t spend your down payment. This may sound obvious, but pushing back closing because you don’t have your down payment can cost you the house you are wanting to buy.