09/02/2026
What To Know Wednesday! Buyers be aware...
How to Protect Your Financing Before Closing
Did you know you need to protect your loan approval? It is extremely important to keep your credit, finances, and employment as consistent as possible until closing! Your lender may continue to verify information throughout the loan process, so even seemingly small financial decisions could affect your financing.
PLEASE DON’T:
• Apply for new credit of any kind, including store credit cards or furniture financing
• Pay off collections or charge-offs unless your lender specifically instructs you to
• Close any credit card accounts
• Make unusually large purchases or significantly increase credit card balances
• Consolidate debt onto one or two credit cards without lender approval
• Co-sign on a loan for anyone else
• Make changes to your name or address without notifying your lender
• Change jobs, take unpaid leave, reduce your hours, or make other employment changes without discussing them with your lender
• Deposit large amounts of cash that cannot be properly documented
• Deposit gift funds without first speaking with your loan officer
PLEASE DO:
• Continue making every payment on time, including your mortgage/rent, auto loans, credit cards, and other accounts
• Continue using your credit and bank accounts normally
• Keep documentation for any unusual deposits or transfers
• Contact your loan officer immediately if you receive a notice from a creditor or collection agency
• Ask your loan officer before making any significant financial or employment decision
WHEN IN DOUBT, ASK FIRST.
A change in your credit, debt, available funds, or employment could potentially affect your interest rate, loan approval, or closing date.
The safest approach is simple:
Keep everything as consistent as possible until your loan has closed and you have the keys to your new home.
