What not to do once you've received a mortgage approval!
What NOT to Do After You Receive Your Mortgage Commitment
You’re almost at the finish line… now is not the time to shake the table 😅
Until you have keys in hand, your approval can still be affected. Here’s what to avoid:
1. Don’t Take on New Debt or Cancel Current Debts
No:
- Car loans
- Credit cards
- Financing furniture or appliances
👉 This can change your ratios and impact your approval
2. Don’t Miss or Be Late on Payments
Your credit is still being monitored.
👉 Even one late payment can affect your file
3. Don’t Change Jobs or Income Structure
Avoid:
- Switching jobs
- Going self-employed
- Reducing hours
👉 Lenders need consistency right up to closing
4. Don’t Move Money Around Without Explanation
Avoid:
- Large deposits
- Unexplained transfers
👉 Everything must be traceable and verifiable
5. Don’t Make Large Purchases
That new couch, car, or trip can wait.
👉 If it affects your credit or savings, it affects your approval
6. Don’t Touch Your Down Payment Funds
Keep everything exactly where it is.
👉 Lenders will verify again before closing
7. Don’t Ignore Document Requests
If the lender asks for something, send it ASAP.
👉 Delays can impact your closing timeline
8. Don’t Assume It’s Fully Done
A commitment is a big step… but there are still conditions to satisfy.
👉 Final approval happens once everything is signed off
Bottom Line
You’re in the home stretch.
Keep everything stable, don’t make big changes, and check with me before making any financial moves. When in doubt ASK ME!