Often, first time buyers think that once they have found their home and are under contract that the process is over. This is not the case. It is important to remember that the work is not done after pre-approval and contract. Additional documents and explanations may be needed for final underwriting. It is very important from the time you start the application process until the time you close that you not make any financial changes.

While Under Contract:

• Do not open any new debt
• Do not raise balances on your current debts
• Do not buy or lease new vehicles or extend your credit as a co-signer for anyone else
• Do not make job changes without first discussing with your loan officer.
• Do not make any significant deposits into your bank account that are non payroll related or cannot be documented