Step 18: Don't Spend Extra Money
This is VERY important. When your mortgage lender pre-approves you they are going off of the money that you have in your checking, savings, and retirement accounts etc. at that time of pre-approval. They also base it off the amount of debt you have at the time of pre-approval such as car payments, student loans, credit cards, current mortgage (if you already own a home) etc. If you are going out and purchasing items between now and closing, it could greatly affect your chances of being fully approved for your mortgage, especially since the lender pulls your credit one more time the day before closing.
With that being said, it is very important that you do not spend extra money between now and closing. This means buying anything from a new tv, furniture, car or really anything extra outside of your normal monthly spending. Spend as little money as possible between now and closing. Also, make sure you pay all of your monthly bills on time, do not open any new credit cards or close any present ones, as well as taking any lavish vacations. DO NOT plan to buy anything until after closing! Once everything is set in stone, then you may spend as you please. For the time being you do not want to do anything that could put your loan in jeopardy.
If you are unsure about whether or not a purchase will affect your loan, don’t hesitate to reach out to your mortgage lender. That’s also what they are there for!