Six things homebuyers should not do once approved for a mortgage.

I have a long discussion about the mortgage process with homebuyers when we meet. I warn them that it can be a very invasive process, since it can be! It can also, many times, to us, not make sense.

Things we might do daily, monthly, or yearly, that might not even cross our minds as being unusual or raising red flags could potentially cause your mortgage approval to fall through or be delayed — with your having to find more paperwork, track people down, and could create a huge headache for you and possibly the seller of your home!

There is not always a way to know everything that is coming down the pipe. BUT there are ways to prevent SOME potential problems. This list from Inman is a good one.


1) Do Not Make Large Purchases. And I don’t mean just cars. I mean FURNITURE. (Yes, I know you want to fill that house, but that could derail your mortgage.) This includes appliances. (I actually had a buyer whose washer & dryer purchase had to be canceled in order for them to get their loan.)

2) Do Not Apply for New Credit. 30 days same as cash? No payments until December? They still count as CURRENT debts.

3) Do Not Pay off Collections or Charges. (UNLESS your loan officer has instructed you to do so.)

4) Do Not Make Changes to Your Credit Profile. This goes along with #2 and #3. Don’t take on new credit or pay anything off without explicit approval from your loan officer.

5) Do Not Change Banks or Bank Accounts. I have felt the frustration of my bank, and wanted to change before, so I understand. But while you are getting a mortgage, you do NOT want to make these changes. Hang in there, if you can, until your mortgage has closed. If you MUST change banks or accounts, speak to your loan officer FIRST to find out the best way to document these changes, so as not to cause problems, or at least cause as few issues as possible. our experts can assist you in getting a mortgage and giving more information on what you’d be getting into.

6) Do Not Make Large Deposits or Move Money From Account to Account. The underwriter is going to want to see evidence of where any large deposits are coming from. Documentation is very important. If you are getting money from somewhere, or will be making a large deposit, call your loan officer to find out the best way to document the transaction, and where the money is coming from.

These are REAL issues for buyers getting mortgages. Each of the above has at one time or another been an issue for at least one of my clients.

PLEASE stay in touch with your loan officer and stay on top of things. WHenever your loan officer asks for documents, PLEASE get them to him or her as soon as possible.

YES, the mortgage process can be very frustrating. Your loan officer may ask for some documents more than once. Just know they are the messenger. They are being instructed by the person making the decision about your loan that they need more documentation, or that somehow paperwork was misplaced.

I recommend making copies or scanning everything you give to your loan officer. That way, if it is needed again, you have it easily accessible.

If you need a mortgage in Baltimore, please contact me. I would love to help you buy a house in Towson and have one of the awesome loan officers I work with help you!