Here are a few things you should not do until your home purchase is final.

If you’re in the process of trying to secure financing for a home purchase, there are certain things you should avoid doing at all costs. There are three, in particular, that you should watch out for:

1. Avoid making large purchases. It’s exciting to be so close to the finish line, but don’t count your chickens before they hatch. If your debt-to-income ratio changes due to a large purchase, your financing may not go through. I’ve seen it happen before, and it’s a nightmare.

2. Avoid planning trips out of the country. During the escrow process, there are a number of documents that you’ll have to get notarized. If you’re out of the country, you’d have to go to the U.S. embassy to get the documents notarized. You might not be ready for that adventure, so it’s be a good idea to postpone your trip to Italy until after closing is over.

3. Avoid aggregating your funds. This will turn your loan approval process into a huge headache. All of your documents have to be reviewed by an underwriter. When they do that, they have to track any large deposits or withdrawals that are made while you’re in escrow. If you deposit a bunch of funds at once, you’ll have to document every one of those items. If you must, wire funds from separate accounts to your escrow to avoid the paper chase.

“If you’re out of the country, you’ll need to visit the U.S. embassy.”

If you’re planning on buying a home, keep these things in mind. They can delay or even destroy your transaction. If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.