10 Things Not Avoid When Buying a Home

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Lenders want stability. A job change, especially to a different industry or switching from W-2 employment to self-employment, can cause delays or disqualify you. 

Any large, unexplained deposits into your bank account can raise red flags. Lenders need a clear paper trail to verify your funds. 

Avoid financing a car, buying furniture on credit, or taking out personal loans. Increased debt can impact your debt-to-income (DTI) ratio and lower your approval chances. 

Late payments on credit cards, car loans, or other debts can negatively impact your credit score and mortgage approval. 

Lenders need to verify where your money is going. Large, unexplained withdrawals could cause delays or raise concerns about your financial stability. 

Co-signing adds liability to your credit, increasing your debt load and potentially affecting your ability to qualify for a mortgage. 

Closing accounts can reduce your credit score by lowering your available credit and changing your credit utilization ratio. 

Wait until after closing to buy appliances, furniture, or other big-ticket items, even if you plan to pay in cash. Lenders may recheck your finances before closing. 

If your lender asks for additional paperwork, respond promptly. Delays can slow down the process or even result in loan denial. 

Wait until after closing to buy appliances, furniture, or other big-ticket items, even if you plan to pay in cash. Lenders may recheck your finances before closing.