Home Loan Do’s & Don’ts

Avoid common mistakes that could delay your mortgage approval.

Small financial changes during the home loan process can impact your approval, interest rate, or closing timeline. These simple guidelines can help Tucson and Southern Arizona buyers stay on track from application to closing.

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Quick Closing Checklist

✓ Employment unchanged

✓ No new debt

✓ Funds documented

✓ Insurance selected

✓ Mortgage documents submitted

✓ Final walkthrough completed

Common Questions Before Closing

Can I buy furniture before closing?

It's best to wait until after closing. Large purchases can affect your debt-to-income ratio and may impact final loan approval.

Can I change jobs while buying a home?

Possibly, but always discuss employment changes with your loan officer before making a move.

Can I use cash for my down payment?

Funds typically need to be documented and sourced according to loan guidelines.

Will my credit be checked again before closing?

Many lenders perform a final credit review before closing.

Quick Answer

What should you avoid before closing on a mortgage?

Avoid opening new credit accounts, making large purchases, changing jobs without discussing it with your lender, moving money between accounts without documentation, or making major financial changes before closing.

Mortgage Do’s & Don’ts Before Closing

The mortgage process is more sensitive than most buyers realize. Small financial changes during the mortgage process can affect your approval, interest rate, or closing timeline. These guidelines can help Tucson and Southern Arizona buyers avoid common mistakes before closing.

Do's

Immediately inform us of any change in your employment, income and asset status.
Continue living at your current residence.
Continue making your mortgage or rent payments.
Keep working at your current employer.
Stay current on all existing accounts.
Explain any credit blemishes and credit inquiries.
Research and choose a homeowners insurance company and program.

Don'ts

Make any major purchases.
Apply for new credit or loans.
Change bank accounts or transfer balances from one account to another.
Pay of any charge off accounts, collections, loans, credit cards or consolidate your debt.
Close any credit card accounts, max out or over charge on your credit accounts.
Change your sources of closing funds.
Deposit large amounts of cash into your bank account without proper documentation.