(AKA: What Not to Do Unless You Love Paperwork, Delays, and Stress)
Getting a mortgage doesn’t have to be a nail-biter. But let’s be honest—there are a few common slip-ups that can turn a smooth ride into a bumpy, stress-inducing rollercoaster.
We’ve seen it all, and we’re here to help you steer clear of the biggest pitfalls. So if you’re serious about closing on time (and keeping your sanity), here are the Top 5 Mortgage Mistakes to Avoid—from your friendly neighborhood loan expert.
1. Making Big Purchases (Put the Couch on Hold)
You just got pre-approved. You’re dreaming about your new place. The furniture store is having a sale. We get it.
But this is not the time to finance a $4,000 sectional, buy a car, or open a new credit card for “house stuff.” Big purchases can impact your debt-to-income ratio and credit score—two things your lender watches like a hawk until you close.
Pro Tip: If it costs more than a pizza, maybe run it by us first.
2. Changing Jobs (Timing is Everything)
Got a new job offer? Congrats! But hold that thought. Switching jobs mid-mortgage can throw a wrench into your approval, especially if it changes how you’re paid (salary to commission, W-2 to 1099, etc.).
Not all job changes are deal-breakers, but some can delay—or even derail—your closing.
Rule of Thumb: If you’re thinking of making a move, call us first. We’ll help you game out the impact.
3. Going Dark on Your Lender (We’re Not That Scary, Promise)
Ignoring emails. Delaying documents. Ghosting your lender. It happens—but it shouldn’t. The mortgage process is time-sensitive and document-heavy. If we ask for something, it’s not to bug you—it’s to keep things moving.
What Helps: Responding quickly, asking questions if something doesn’t make sense, and keeping communication open. We’re in this together.
4. Depositing Large Sums of Cash (Your Mattress Money Needs an Explanation)
Depositing a pile of cash into your bank account without a clear paper trail raises red flags. Lenders need to verify where your funds come from. Cash deposits—especially without documentation—can delay your approval.
Best Practice: Keep your funds in your account, and if money is coming in from outside sources (like family gifts), let us know ahead of time. We’ll tell you exactly how to document it.
5. Assuming Pre-Approval Means It’s a Done Deal
Pre-approval is a strong start, but it’s not a guarantee. Your final approval depends on things staying steady: income, credit, debts, job, and bank balances.
Think of pre-approval like getting the green light at the start of a race. Now you just need to stay in your lane and avoid any detours.
Bottom Line
Getting a mortgage isn’t about being perfect—it’s about staying informed and being smart with your moves. We’ll guide you through every step, but dodging these five missteps? That’s how you make the process smoother, faster, and (dare we say it) maybe even fun.
Have Questions or Need Help Navigating?
We’re here for it. Whether you’re just starting or you’re halfway there, we’ll help you avoid the traps and get to the finish line with confidence.