Question: My offer was accepted on my dream home. What should I NOT do prior to final loan approval?
Answer: Your Pre-Approval gave the sellers confidence that you can obtain financing, but it is not your final loan commitment. Here are things to avoid:
DO NOT change jobs, become self-employed or quit your job
DO NOT make major purchases (car, furniture, facelift)
DO NOT spend money you have set aside for closing
DO NOT charge up your credit cards or make late payments
DO NOT allow anyone to run your credit
DO NOT deposit gift funds or make large deposits/withdrawals without lender approval
DO NOT change bank accounts
DO NOT co-sign a loan for anyone
Closely monitoring your financial activity is critical to ensure a smooth approval.