Refrain From Spending Extra Money
Your mortgage is now in the approval stage. During this time it is absolutely imperative that you do not make any major purchases.
When you were preapproved for your loan, it was based on the funds and assets you had in your savings, checking, retirement, and other accounts. Your lender also took into consideration the monthly payments you had at that time such as your mortgage, rent, car payments, credit card payments, or student loans.
While your loan is in the final approval and underwriting stage, any significant purchases could jeopardize your ability to be granted a mortgage. Continue paying all of your normal monthly expenses in a timely manner to avoid any late notice filings on your credit report. It is also vital to avoid opening or closing any credit cards during this time as this can also negatively affect your credit score.
Just prior to closing, your lender will pull your credit one final time to ensure all is in order. If you suddenly have a major uptick in your debt due to buying furniture, a car, or any other big-ticket item, this will raise a red flag and could place your financing in peril.
If you have any questions about a potential purchase, please contact The Dawn Thomas Team as well as your lender for guidance.
The next step is to schedule the closing date on your calendar.