A time to hold off on major purchases or lifestyle changes that could adversely impact your finances, your credit, or the interest rate approved for your new mortgage.
Don’t apply for a new credit card or line of credit; it can convey to credit bureaus and your lender that you’re over-reliant on borrowing money.
- Don’t make any large purchases, like a car, or new furnishings for your home.
- Don’t max out your existing credit limit.
- Don’t quit or change jobs without telling your loan officer first.
- Don’t make any large deposits or withdrawals from your bank accounts.
Please continue to monitor your credit and spending habits. Significant spending and banking behavior requires that you exercise prudence and conservatism during your mortgage lifetime. It could be harmful to your financial stability and mortgage repayment if you incur additional debt after closing on a mortgage. This could negatively impact your ability to support monthly payments and possibly lead to default.