Dont change your loan status

Many borrowers believe that once their loan approval goes through, they're home free. Not true. The lender may continue to verify your employment (income) and monthly bills up to the time of closing.

A job change, a new car lease, or new kitchen appliances charged to your Sears credit card could give the lender the right to revoke your approval, yet still charge you for various mortgage costs such as application fees, appraisals, surveys, title checks. Even changes that you consider positive (such as a new job with a raise in salary) might cause the lender concern. "Is your new job really secure?" the lender might ask. Once you submit your application and the loan rep likes it, leave well enough alone. For an account of a humorous—yet frustrating—loan status dilemma, see GaryW. Eldred, The 106 Common Mistakes that Homebuyers Make (John Wiley & Sons, 2006,4th ed.).

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