Whether you’re still looking for that perfect Sotheby’s Phoenix home or have already found one, once you begin the mortgage process, there are some things you should and should not do.

 

Before doing anything after applying for a Sotheby’s Phoenix home mortgage, talk to your lender. You might be able to avoid problems when it comes time to close. Changing jobs and buying large ticket items can present hassles in the end. But at the same time, a lender might know a way around it so it won’t cause problems with your mortgage application. 

 

With that said, it’s still best not to buy anything big for your Sotheby’s Phoenix home without talking to your lender. While in the home buying process, it’s easy to get swept up with painting, furnishing, and landscaping your new home. But be careful. Again, any big items, depending on how you pay for them, can impact your credit score and prevent you from being approved for a loan.

 

For example, if you’re shopping for furniture and/or appliances for your Sotheby’s Phoenix home and decide to open store credit cards, that could cause your credit score to go down. You’ll not only have a new balance but also a credit inquiry. By using credit cards you already have open, you could end up increasing your monthly debt payments which looks negatively on a mortgage app. If you pay cash, that could dip into the money you need for a down payment and closing costs. 

 

As tough as it maybe to walk away from a great bargain, it might be better to pay more for home furnishings after your mortgage goes through then to risk not getting one. 

 

Finally, don’t lend or borrow money and don’t change jobs without talking to your lender. All of these things could damage your credit score and impact you getting a mortgage. Before signing papers to close on your Sotheby’s Phoenix home, a lender will, most likely, verify employment again. If there’s a job or income change, you could get turned down for a mortgage.