The average home purchase takes about 45 days. That is just over a month. It doesn’t sound very long, does it? Except that a lot can happen in 45 days, including a car breaking down, a company bonus, and a shopping spree for the new home. All of these could cause issues for your mortgage application, which is why you need to exhibit some extra restraint once you apply for your mortgage.
Below is an infographic showing things you should avoid doing. These are pretty general actions. If you have any questions about a particular change in income, assets, or credit, ask your lender if they will be an issue, preferably before you take any other action. Even depositing a surprise bonus may trigger some red flags for underwriters, who are looking for seasoned funds in your accounts. A large chunk of fresh money could make them question if there is another hidden or yet-to-be-recorded loan (like from a family member or second financial institution) that could cause financial strain in the future.
[the_grid name=”Home Buyer Tips”]