Things that can cause your Approved mortgage to be DENIED
Even after you approval for a mortgage the following things can cause it to be denied up until the day of closing. The lenders will recheck your credit and your income during approval process and again before your closing date. So Until you close on the home and you are in it please DON'T........... Don't buy or lease an auto. Lenders look carefully at your debt-to-income ratio. A large payment such as a car lease or purchase can greatly impact those ratios and prevent you from qualifying for a home loan. Don't move assets from one bank account to another. These transfers show up as new deposits and complicate the application process, as you must then disclose and document the source of funds for each new account. The lender can verify each account as it currently exists. You can consolidate your accounts later if you need to. Don't change jobs. A new job may involve a probation period, which must be satisfied before income from the new job can b...