4 Ways Buyers Can Mess Up a Loan Approval

This happens all the time.  Home buyers have gotten approved for a mortgage and now they’re just waiting to make it to the closing table.

It is just a waiting game.  Don’t throw your loan approval into jeopardy by making one of these common mistakes:

1. Making a big purchase: Avoid making major purchases, like buying a new car or furniture, until after they close on the home. Big purchases could change the buyer’s debt-to-income ratio that the lender used to approve the buyer’s home loan and could throw the approval into jeopardy.
2. Opening new credit: Now isn’t the time to open up any new credit cards. Don’t do it!
3. Missing any payments: You need to be extra vigilant about paying all their bills on time, even if they’re disputing one.
4. 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.