If you're currently in escrow on a home...read this quick list and DO NOT do these things before your home loan is funded. You would be surprised how many buyers go in contract on a house that ends up falling through because they went out and made some crazy moves that eventually held things up, or worse, affected their ability to buy their dream home.
1. Don't pack or ship information that may be needed for the loan application to fund. Paperwork such as W-2 forms, divorce decrees or tax returns. Duplicate copies take weeks to obtain.
2. Don't buy or lease an auto. The Lender looks carefully at the debt-to-income ratio and a large payment such as a car lease purchase can greatly impact those ratios and prevent you from qualifying.
3. Don't change jobs! A new job may involve a probation period which must be satisfied before the income from that job can be considered for qualifying purposes.
4. Don't attempt to consolidate bills before speaking with your Lender.
5. Don't move assets from one bank to another. These show up as new accounts and can complicate the application process, as you must disclose and document the source of funds for each new account.
6. Don't buy new furniture or major appliances for your new house just yet...these purchases will increase your debt load and potentially disqualify you from the loan or deplete your funds to close.
7. Don't go crazy running credit reports on yourself. This will show up on your Lender's credit report as an inquiry and affect your credit rating.
With lending restrictions as tight as they are, I'm sure the list goes on but we hope this list was helpful. When in doubt...contact your Lender or your Realtor!