What to Do (And What Not to Do) When Getting a Mortgage

Whether you're buying your first home or refinancing your current mortgage, congratulations on taking an exciting step toward your financial goals.

By now, you've likely researched your loan options, spoken with a licensed loan officer at The Polder Group at CrossCountry Mortgage, gathered your financial documents, and completed your mortgage application.

It may seem like the hard work is over—but your loan isn't fully approved until it closes. During the underwriting process, your financial situation is continually reviewed to ensure it still meets loan guidelines.

That means the financial decisions you make between application and closing can have a significant impact on your loan approval.

Why Your Financial Activity Matters During the Loan Process

As your loan moves through processing and underwriting, our team may request updated documentation or additional information to verify your finances.

Even after you've submitted your application, lenders may verify your employment, review your credit, and confirm that your income, assets, and debt remain consistent.

Making major financial changes during this time could affect your:

• Debt-to-income (DTI) ratio
• Credit score
• Available assets for closing
• Overall loan eligibility

In some cases, changes may require additional documentation, delay your closing, or even affect your loan approval.

Mortgage DOs: What You Should Do Before Closing

Complete Your Application Carefully

Provide complete and accurate information along with all requested documentation. Missing information can slow the underwriting process.

Respond Promptly to Requests

Your loan processor may request additional documentation or explanations to satisfy underwriting conditions. Responding quickly helps keep your loan on schedule.

Disclose All Debts and Credit Accounts

Be transparent about existing loans, credit cards, or financial obligations. Providing complete information upfront helps prevent unexpected delays.

Stay Available Before Closing

As your closing date approaches, be prepared to review and sign documents, provide any final information, and arrange for your down payment and closing costs.

For an overview of what to expect, review our Loan Process:
https://www.thepoldergroup.com/loan-process

Mortgage DON'Ts: Common Mistakes to Avoid

Don't Make Major Purchases

Avoid financing vehicles, furniture, appliances, or other expensive purchases before your loan closes.

Opening new credit accounts or increasing balances may raise your debt-to-income ratio and lower your credit score, potentially impacting your mortgage approval.

Don't Open New Credit Accounts

Even a new credit card or financing promotion can trigger another credit review and change your qualifying profile.

Don't Move Large Sums of Money

Avoid transferring significant amounts between bank accounts unless you've discussed it with your loan officer first.

Large unexplained deposits or transfers often require documentation during underwriting.

Don't Use Large Amounts of Untraceable Cash

Cash deposits that cannot be documented may create additional underwriting questions and delays.

Don't Change Jobs Unless Necessary

Employment stability is an important part of the mortgage approval process. If possible, avoid changing employers or career fields before your loan closes.

If a job change is unavoidable, contact your loan officer immediately so they can discuss how it may affect your loan.

Life Happens—Keep Your Loan Officer Informed

Unexpected life events can happen. If you experience changes to your employment, income, assets, or finances while your loan is being processed, don't panic.

The best thing you can do is communicate with your loan officer as soon as possible. In many situations, early communication allows your mortgage team to provide guidance and determine the best path forward.

Frequently Asked Questions

Can I buy furniture before my mortgage closes?

It's generally best to wait until after closing. Financing furniture or making large purchases could affect your debt-to-income ratio or credit score.

Can I open a new credit card while buying a home?

It's usually recommended to avoid opening new credit accounts until after your loan has funded.

Will my credit be checked again before closing?

Depending on the loan program and lender requirements, your credit and employment may be verified again before closing.

What if I have to change jobs?

Contact your loan officer immediately. A job change doesn't automatically prevent loan approval, but it may require additional review depending on your employment situation.

Buying or Refinancing in Tucson or Southern Arizona?

Whether you're purchasing your first home, upgrading to a new property, or exploring refinance options, The Polder Group at CrossCountry Mortgage is here to help guide you through every step of the process.

Helpful resources include:

• Buy a Home: https://www.thepoldergroup.com/buy
• Mortgage Refinance: https://www.thepoldergroup.com/mortgage-refinance-tucson-az
• Mortgage FAQs: https://www.thepoldergroup.com/faqs
• Loan Checklist: https://www.thepoldergroup.com/loan-checklist
• Dos & Don'ts During the Loan Process: https://www.thepoldergroup.com/dos-donts

Ready to Get Started?

If you're planning to buy a home or refinance in Tucson or anywhere in Southern Arizona, The Polder Group at CrossCountry Mortgage is here to answer your questions and help you navigate the mortgage process with confidence.

Contact our team today to discuss your financing options, get pre-approved, or learn how to keep your loan on track from application through closing. Loan approval and terms are subject to qualification and underwriting guidelines.

This article is for educational purposes only and does not constitute financial or mortgage advice. Loan programs, rates, and guidelines may change at any time. All loans are subject to credit approval and underwriting. For guidance tailored to your situation, consult a licensed mortgage professional.