Just Sit Back and Relax… Sort Of
The best advice…
DON’T DO ANYTHING THAT WILL AFFECT YOUR CREDIT SCORE!
After the stress of Due Diligence is over, the buyer can take a deep breath and (mostly) relax. Your REALTOR® will be making sure that all deadlines are met by the other party, the seller is making any repairs that were agreed to, and your loan is being processed. Your lender may request more documents, but unless there are problems with financing, you can focus on collecting boxes, cleaning out unnecessary items you don’t want to take to your new house, packing, and planning for the future. However, there are some things that you CANNOT do while you are waiting for closing! The following list are things NOT TO DO because they can ruin your chances of obtaining a loan:
Don’t change jobs.
Don’t make large purchases on credit. I know you want new furniture for your new house, but this can affect your credit score. This also includes buying a car or boat.
Don’t make any unusual deposits. This is a red flag for lenders.
Cosign a loan with another person. This is NOT the time to be generous with friends or family.
There are several good articles that include a larger list: Click here and here to read two very informative articles.