Once your loan application is in, the lender takes a snapshot of your finances — and then keeps watching until the day you close. Anything that changes the picture can delay your closing, shrink your approval, or kill the loan entirely. These ten commandments keep your approval safe.
1. Thou Shalt Not Change Jobs or Become Self-Employed
Lenders approve your loan based on stable, verifiable employment. A new job — even a better-paying one — restarts the verification clock, and switching to self-employment can require two years of new history. If a change is unavoidable, call us before you accept.
2. Thou Shalt Not Buy a Car, Truck, or Van
(Or you may end up living in it!) A new auto payment raises your debt-to-income ratio, and a single car loan can be the difference between approved and denied. The new truck can wait until after the keys to the house are in your hand.
3. Thou Shalt Not Max Out or Fall Behind on Credit Cards
Your credit is re-checked before closing. Running balances up — or missing a payment — drops your score exactly when it matters most. Keep balances low and pay everything on time, every time.
4. Thou Shalt Not Spend the Money Set Aside for Closing
Your down payment and closing costs must be sitting in your account, documented and ready. That money is spoken for — guard it like the keys to your new home.
5. Thou Shalt Not Omit Debts or Liabilities from Your Application
The lender will find every debt on your credit report anyway. Undisclosed debts discovered late look like dishonesty and can end the deal. Tell us everything up front — there is almost always a way to work with it.
6. Thou Shalt Not Buy Furniture Before Closing
The "12 months same as cash" sofa is a new debt, even if payments haven't started. Furnish the house after it's yours — not before.
7. Thou Shalt Not Let Anyone Pull Your Credit
Every new credit inquiry raises questions and can lower your score. No new cards, no store financing, no "just checking what you qualify for" at the dealership — not until after closing.
8. Thou Shalt Not Make Large Deposits Without Asking First
Lenders must trace the source of every large deposit. Cash from a mattress, an unexplained transfer, or an undocumented gift can freeze your file. If money needs to move, call your loan officer first — there's a right way to do it.
9. Thou Shalt Not Change Bank Accounts
Your statements tell your financial story, and the lender needs a clean, continuous record. Switching banks mid-loan breaks that record and creates weeks of extra paperwork.
10. Thou Shalt Not Co-Sign a Loan for Anyone
Even if you never make a payment, a co-signed loan is legally your debt — and it counts against your ratios. Not for family, not for friends, not until after you close.
Frequently Asked Questions
Can I finance a car while my mortgage is in process?
No — new debt changes your debt-to-income ratio and can kill the approval, even after you are cleared to close. Wait until after the keys are in your hand.
Can I change jobs during the process?
Avoid it if possible. A change within the same field on a W-2 can sometimes work, but always talk to your loan officer BEFORE accepting anything.
Why does the lender care about cash deposits?
Every dollar of your down payment must be traceable. Large unexplained deposits cannot be counted and can delay closing — keep funds seasoned in your account 60+ days.
Prepared by the Alvorada Mortgage, LLC team — a mortgage broker licensed in Georgia (#2137907) and Florida (#MBR5158). NMLS #2137907. Educational content; not a commitment to lend.