5 Financial Mistakes to Avoid After You're Under Contract on a Home
5 Financial Mistakes to Avoid After You're Under Contract on a Home
Congratulations! Your offer has been accepted, and you're officially under contract on a home.
Many buyers think the hardest part is over.
In reality, there are still a few important steps before closing, and some financial decisions made during this time can create unexpected problems.
Here are five mistakes to avoid while your mortgage is being finalized.
1. Don't Change Jobs Without Talking to Your Lender
Lenders review your employment history as part of the mortgage approval process.
If you're considering changing employers or careers before closing, speak with your lender first to understand how it could affect your loan.
2. Avoid Taking on New Debt
Financing a car, furniture, appliances, or opening a new credit card changes your financial profile.
Those changes can affect your debt-to-income ratio, which lenders consider when reviewing your mortgage application.
3. Don't Miss Any Payments
Continue making all of your existing payments on time.
A late payment can affect your credit profile and may create additional questions during the underwriting process.
4. Avoid Large, Unexplained Deposits
Mortgage lenders often review your bank statements and may ask about unusually large deposits.
If you receive money from a family member or another source, talk with your lender about the documentation that may be required.
5. Stay in Contact With Your Team
Your lender, real estate agent, title company, and inspector are all working toward the same goal: getting you to the closing table.
If you're unsure about any financial decision while under contract, ask before making a change.
A quick conversation today can prevent delays tomorrow.
The Bottom Line
Buying a home doesn't end when your offer is accepted.
Keeping your finances stable during the final weeks before closing can help your transaction move forward smoothly.
If you're buying a home in Katy, Cypress, Spring, Hockley, 77084, 77095, or anywhere in the Houston area, I'll guide you through every step of the process so you know what to expect.
Using the Marysol-D Method, my goal is to help you avoid costly mistakes and buy your home with confidence.
📲 Call or Text: 713-213-9593
Marysol Calvillo
Elite Properties, LLC
