The holidays bring sales, gifts, and plenty of temptation. If you’re buying a home or already under contract, a little restraint now can save your approval later.
Here’s what I tell every client this time of year.
Hold off on big purchases. That new furniture for the house or a holiday car deal can change your debt-to-income ratio overnight. Wait until after closing.
Don’t open new credit. Store cards with “save 20% today” offers trigger credit inquiries and new accounts, which can lower your score and raise questions from underwriting.
Be careful with large cash gifts. Family generosity is wonderful, but undocumented deposits need explaining. If a relative wants to help with your down payment, talk to me first so we can document it properly with a gift letter.
Keep your job steady. A year-end job change, even a good one, can affect your file. Let your loan officer know before you make a move.
Stay reachable. Holiday travel is fine, but make sure you can sign documents and answer questions quickly. Delays on your end can push back a closing date.
The goal is simple: keep your finances looking the same as the day you applied. Do that, and you’ll be celebrating in your new home sooner than you think.
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