What not to do before closing
The short list of avoidable mistakes that cost buyers their approval in the last three weeks — and why each one matters.
Your credit and employment are re-verified shortly before closing. Everything below is a real thing that has cost a real buyer a real house.
Do not finance anything
Furniture, appliances, a car, a mattress on twelve months interest-free. A new monthly payment changes your debt-to-income ratio, and it does so at the exact moment underwriting looks again. If you need furniture, buy it after closing.
Do not open or close credit accounts
A new card generates an inquiry and a new account with no history, both of which move your score. Closing an old card shortens your history and raises your utilization. Neither helps, and closing accounts is the one that surprises people.
Do not let balances spike
Utilization is one of the fastest-moving inputs into a credit score. Putting a large expense on a card and paying it off next month can still drop your score at the wrong moment, because the balance is reported before your payment posts.
Do not change jobs without telling your loan officer
A job change is often survivable and sometimes irrelevant. It is never survivable as a surprise discovered during a verification call two days before closing. Same for going from salaried to contract, or taking a role with a different compensation structure.
Do not move money around
Every dollar used for closing has to be sourced. Transfers between your own accounts are fine when documented; unexplained deposits are not, and cash is the worst of all. If someone is giving you money, it needs a gift letter and a traceable transfer.
Do not stop paying attention to the property
Do a final walkthrough. Confirm agreed repairs were made, that the systems still run and that what was supposed to stay is still there. Once you sign, the house is yours in whatever condition you accepted it.
The one-sentence version: between contract and closing, change nothing and tell your loan officer everything.
Written by
Travis Nicolaysen
Loan Officer, Fairway Home Mortgage · NMLS #1782820
Questions about how this applies to your file? Call or text 704-728-4548.
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