This is very important, so please read carefully!
Your mortgage pre-approval was granted based on the financial situation you had at the time of pre-approval—this includes the balances in your savings accounts, checking accounts, retirement accounts, and other assets, as well as the amount of debt you carried (car payments, student loans, existing mortgages, etc.).
If you make significant purchases—like a TV, new car, furniture, or other large expenses—between now and your closing date, you could jeopardize your mortgage approval, as lenders typically pull your credit again the day before closing.
To ensure your approval remains intact:
- Spend as little money as possible between now and closing.
- Pay all your monthly bills on time.
- Avoid opening or closing any credit cards.
- Do not take extravagant vacations or make significant financial changes.
Many buyers mistakenly think small purchases like a couch or TV won’t impact their loan approval, but even minor changes to your credit or financial profile can cause issues. It’s best to avoid any major purchases until after your closing date. Then you can enjoy furnishing and celebrating your new home.
If you’re unsure whether a purchase could affect your mortgage approval, consult your mortgage lender before making the decision.