5 Money Mistakes That Could Cost You a Mortgage

According to, these five money mistakes could lead to your mortgage being derailed.


1. Moving money around

If you have cash in the bank, do not move it anywhere while you wait to close. Buying stock, for example, will lower your net value and reduce the cash you can bring to closing.

2. Taking a leave of absence

Lenders rely on your being able to work and receive paychecks. An absence could delay your approval.

3. Applying for new credit

In addition to dinging your credit score, trying to borrow more money could suggest that you are not wise with your money.

4. Going on a shopping spree

Even if escrow is near its end, beware. Lenders run credit reports within hours of closing. Don’t run up new debt.

5. Switching jobs

Even with a pay increase, a change in employment might make you seem risky to mortgage lenders.

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