Five Common Pre-Closing Mistakes

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Photo of mortgage application paperwork and key with house shaped keychain.

Photo of mortgage application paperwork and key with house shaped keychain.

Savannah Dickinson head shot

Savannah Dickinson

Senior VP of Consumer Markets

Congratulations! You’ve made it through the loan application process. Now it’s time to avoid a few last-minute missteps that could delay or even derail your loan closing. Here are five common slipups borrowers should steer clear of before their loan is finalized.

Avoid Opening New Credit Accounts or Large Purchases
Before your loan closes, resist the temptation to buy a car, finance furniture, or open new credit lines. Additional debt can affect your debt-to-income ratio, which may jeopardize your loan approval.
Hold Off on Starting Construction
If you’re planning to build or renovate, don’t start the project before the loan officially closes. Beginning construction early can affect the lender’s lien position (their legal claim on the property) and could delay closing while new documentation is collected.
Don't Change Jobs Mid-Application
Switching jobs during the loan process can cause issues with income verification, making previous financial records obsolete. If your new position alters your income, it may impact your eligibility for the loan.
Avoid Large Withdrawals From Savings or Retirement Accounts
Unless you've discussed it with your lender beforehand, making significant withdrawals from your savings or retirement accounts could disrupt your credit approval. Lenders base their decisions on verified financial data, and unexpected reductions in assets may halt the loan.
Consult Your Lender Before Changing Your Project Scope
Planning to change your project from a small home to a larger one—or add an outbuilding? Be sure to notify your lender. Changes can affect collateral value or funding availability, so transparency is essential.

If anything changes after your loan application—whether it's your income, project plans, or bank balance—tell your lender right away. Keeping an open line of communication helps prevent delays and ensures a smoother closing process. We’re here to help and look forward to financing your next project!

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