You got the pre-approval, found a home, and had your offer accepted. Congratulations! All you need to do now is sit back and wait for closing, right? Well, not exactly. As Lenny Kravitz once crooned, “It ain’t over till it’s over.”
Sure, the odds are reasonably good that nothing major will go wrong. But that doesn’t mean things can’t go wrong. A financial misstep now could change your mortgage terms and interest rate, or even get you denied altogether—even if you’ve got a closing date on the books. To make sure that doesn’t happen to you, avoid these less-than-savvy money moves.
1. Moving money around
If you’ve been storing up cash reserves, do not—we repeat—do not move that money out of savings and into stocks while you wait to close.
Why would someone do this? Well, maybe you’d like to make some extra cash off those reserves—besides, the money is just sitting there anyway, right?
Wrong. It’s serving a real purpose: showing your liquidity. Moving money around can wreak havoc on your loan approval.
| Mar 13, 2017 – from Realtor.com