Answers · The process
What should I not do between application and closing?
Do not open new credit, do not make large purchases, do not move money between accounts without telling your lender, do not change jobs, and do not co-sign anything for anyone. Your approval was based on a picture of your finances. Keep the picture still until you close.
Written by Andrew Malm, Senior Loan Originator, NMLS# 2663426. Last reviewed .
I have watched a closing die over a furniture store credit card. The buyer was approved, the house appraised, everything was clear. Then the final credit check, which lenders run days before closing, showed a new account and a new payment. The numbers had to be run again, and they no longer worked.
Moving money is the quiet one. People consolidate accounts to make the down payment easier to show, and instead they create three transfers that each need a paper trail. If you have to move money, call first. It can be done cleanly.
Job changes are not always fatal. A move to a similar role in the same field with the same kind of pay can be fine. A move from salary to commission, or to self-employment, can reset the clock. Call before you accept the offer, not after.
The rule under all of it: lenders are not trying to catch you. They are trying to close a file that matches the one they approved.
What I'd do
- Pay bills on time and otherwise leave your credit alone.
- Keep the down payment where it is. If it must move, tell your lender first.
- Save the furniture, the appliances and the new truck for after closing.
- When in doubt, send a text and ask. A thirty-second question beats a three-week problem.
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