- Making large purchases: Avoid buying big-ticket items like a car or furniture, as it can affect your debt-to-income ratio and impact your loan approval.
- Changing jobs: Stability in employment is a factor considered in mortgage approval, so avoid changing jobs or becoming self-employed until after you close on your loan.
- Opening new credit accounts: New credit inquiries and accounts can lower your credit score, so hold off on applying for any new credit cards or loans.
- Paying off debts: Avoid paying off debts, as it can reduce the amount of available credit and negatively impact your debt-to-income ratio.
- Co-signing for someone else: Co-signing for a loan for someone else can affect your debt-to-income ratio and harm your chances of getting a mortgage.
- Depositing large sums of money: Avoid depositing large amounts of money into your account, as it may raise red flags with lenders and trigger further investigation into the source of funds.
- Failing to disclose all debts and liabilities: Failing to disclose all debts and liabilities on your mortgage application can be considered mortgage fraud and have legal consequences.
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