You’re excited. You just went under contract on your new home! OMG at the parties you’ll throw there, the family dinners, the wall you’re totally going to knock out so that living area is even more rad. And don’t even get you started about how sweet that yard is. Hello summer cookouts and Georgia football. But before you get too carried away and caught up in the excitement, you’d better hold your horses and make sure you avoid these costly mistakes when buying that new home.

Mistake #1: Quitting Your Job

This one seems obvious and yet, you’d be surprised. Don’t quit your job. Period. The end. Your lender needs to verify your employment, literally on closing day. You quit yesterday? Guess what, your boss can’t verify your employment which means no loan for you. No loan = no home. Maintain status quo, stay employed, and heaven forbid something come up where you need to make a change with your employment, talk to your lender first!

Mistake #2: Buying A Bunch Of New Furniture BEFORE You Close

It happens all the time. You’re under contract on your new home. Suddenly you see ads all over the place. A brand new living room set on sale! That master bedroom furniture of your dreams! All for little or no money down. They’ll let you freaking make payments on your furniture. Could it get any better?? Listen, unless you want to be living on that couch instead of in your house, save the major furniture shopping spree for the day AFTER closing. Those new dings on your credit and accounts will not go so well in your favor and could jeopardize your loan. Patience Grasshopper.

Mistake #3: Buying A Car

You know what would look great in that new driveway of yours? A shiny new car…… AFTER closing. Do not buy a car while you’re under contract to purchase your new home. There went your debt to income ratio. Hello new line of credit that wasn’t on your report two weeks ago when the lender first pulled it. Buying a new car while you’re under contract on your new home is like playing a game of Russian roulette where every outcome is not in your favor.

Mistake #4: Getting A New Credit Card

Noticed a theme yet? Don’t do anything to change your current credit situation. This means loans for new furniture, quitting your job (aka income), buying a car, or opening a new credit card. Ya, ya we know you could save 5% on your purchase of that department store shopping run if you open a new credit card. 5% on $300 is not worth jeopardizing your credit worthiness and your home loan. Let us repeat: IT’S NOT WORTH IT.

Mistake #5: Making Unusually Large Deposits Or Withdrawals From Your Checking Account

It’s not quite the same as opening a new line of credit, but it will definitely flag the lender’s system. Large deposits will usually require a written explanation as to what they are and where they came from. Anything out of the norm is cause for concern. Suddenly have a couple thousand dollars come out of your account that you don’t normally have happen? Que the red flag to the lender that you just bought something.

Bottom line. Maintain status quo when it comes to your finances while you’re under contract and you’re good to go. Just operate like you normally would and things should be good. If something does come up, it’s better to be up front with your Lender and talk it through. They’ll thank you for it. We’ll thank you for it. Shoot, you’ll thank yourself for it.