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You are here: Home / Blog / 7 Pitfalls to Avoid When Finalizing Your Mortgage

7 Pitfalls to Avoid When Finalizing Your Mortgage

July 26, 2021 by Sean Zalmanoff

Before you close on your mortgage, it’s essential to avoid making these mistakes with your finances that could derail the closing process.

No matter what type of mortgage you are looking for, it is essential to avoid actions that could ruin your mortgage closing. Often, simple fixes can help bring a ‘mortgage deal’ back to life, but sometimes your actions could take the deal off the table completely. Here are mistakes you should avoid when finalizing your mortgage.


  1. Changing Your Job – Your job stability will play a vital role in getting your mortgage approved. If you plan to change your current job, try to buy yourself some time until your home loan is finalized. Your lender will look at your job history to see how long you have been in your current job to ensure you do not have a sporadic history.
  2. Making Huge Purchases – Are you planning to buy high-end assets during your application period? Please wait. This will change your debt-to-income ratio, and this can complicate your mortgage closing. It would be best if you first closed on your loan then buy the item later.
  3. Changing Your Bank Accounts – When you apply for a mortgage, your lender will ask you to submit your bank statement along with other documents. This is to make sure you can afford to pay the required down payment and additional closing charges. And also to determine the source of your income. If you change your bank, you will have to repeat the process repeatedly, including waiting for another three months. Worse still, you may be required to submit a written explanation. Avoid it at all costs.
  4. Multiple Hard Credit Inquiries – Multiple hard inquiries on your credit status can lower your average FICO score. For this reason, you should avoid taking new credit before you get your mortgage approved.
  5. Making Sudden Huge Deposits – When you make huge deposits, your lender will want to know where it came from. Depending on the source, this could potentially derail your home loan approval. So if you know you’re going to receive a considerable cash deposit — whether in your checking or savings account — be sure to inform your lender in advance to avoid hurting your approval. Equally important, avoid making huge withdrawals. Again, this could affect your cash reserves, which may delay your mortgage closing.
  6. Taking a New Credit Line – There are always some credit companies offering discounts on their credits. And you may be enticed by their offers and apply. However, do not take new credit lines. Applying for a new credit line will lower your credit score, and this will, in turn, affect the likelihood of success in your mortgage application.
  7. Avoiding Questions – Your lender may ask many questions to gather information on your ability to finance your mortgage. Although some of the questions may feel invasive, you have to answer them truthfully. Failing to do so will only derail your closing.

Contact the Sean-Z Team

Are you planning to apply for a mortgage? We have smooth applications and excellent customer service. Contact us today. We will be happy to help you buy your dream home.

Call The Sean Z Team Today!

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(314) 361-9979

Filed Under: Blog Tagged With: home purchase

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