With buying a new home comes the excitement of purchasing new furniture and appliances. After all, you need this stuff. This is a very common mistake! Resist the urge to make any big purchases before you close, especially after you've made a big effort in cleaning up your credit ahead of applying for a mortgage. "Banks will question any meaningful transaction while you're applying for a mortgage," says Douglas Boneparth, a financial planner in New York City. "So, until you close and they keys are in your hands, you are under the magnifying glass," he says.
Another frequent hiccup occurs when homebuyers switch jobs last minute. It doesn't make a difference if it's company A or company B or if you make $80,000 here, or $100,000 there. The risk you're going to have is when your old company is called and you're not there. It's going to become a huge issue. Even if you leave a job for more money, it may be difficult to get pay stubs at the last minute. This could delay your closing or put your deposit at risk.
Make sure you always have an open and direct communication with your lender. Make an effort to him in the loop if anything happens unexpectedly or changes, as this can save your loan.