From application to keys, keep your financial life boring. The big five to avoid: (1) changing jobs, (2) opening new credit, (3) making large unexplained deposits, (4) maxing out or moving credit balances, and (5) not telling your loan officer about a change. Lenders re-verify your income and credit right up to closing day. Sam Timlick, NMLS# 2776469, helps Tri-Cities buyers steer clear of all five.
I had a buyer who did everything right. Same employer for just over two years — the sweet spot for qualifying. We had them lined up to buy within weeks. Then, right before the finish line, they changed jobs. And just like that, the timeline got thrown off.
Lenders verify your income and employment right up to closing day — sometimes the morning of. A change you think is harmless can stall or sink the loan. Here are the big ones to avoid from the day you start until you have the keys:
1. Don't change jobs
Especially don't jump from W-2 to self-employed or 1099. Job stability is part of how you qualify, and a switch mid-process can mean re-documenting income from scratch — or losing the approval.
2. Don't open new credit
No new car, no new credit card, no “12 months no interest” furniture financing. New debt changes your debt-to-income ratio and can re-trigger underwriting at the worst possible moment.
3. Don't make large unexplained deposits
Underwriters source your money. A surprise deposit needs a paper trail — so if a gift or a sale is coming, tell me first and we'll document it the right way.
4. Don't max out or shuffle credit balances
Running balances up or moving them around can drop your score right when it matters most, which can change your rate or your approval.
5. Don't go quiet on your loan officer
Life happens. If something changes, call me before you act — most situations are manageable if we plan for them, and disastrous if they surprise us at the closing table.
The rule of thumb: from application to keys, keep things steady and boring. Big moves wait until after closing. If you're about to start the process, let's map it out so nothing trips you up — and if you're weighing your loan options, here's where to start.