Getting a mortgage is one of the most important financial steps in buying a home — and one of the easiest to derail. Lenders scrutinize everything from your bank account activity to your credit score right up until closing day. One wrong move can delay or kill your approval.
Here’s what every Arizona homebuyer needs to know before, during, and after applying.
✅ The Do’s: What You Should Do During the Mortgage Process
- Keep all financial documents organized and accessible — pay stubs, bank statements, tax returns, and W-2s. Your lender will ask for them repeatedly.
- Use personal funds or verified gift funds for your Earnest Money Deposit — random deposits can raise red flags. Talk to your Loan Officer before moving money.
- Provide documentation for the sale of any existing home — this includes the sales contract, closing statements, and any employer relocation agreements.
- Notify your Loan Officer if you’re receiving gift funds — gift money is acceptable under specific conditions, but only if properly documented in advance.
- Continue making all regular payments on time — mortgage, rent, car, credit cards. Your payment history is tracked right up until closing.
- Respond quickly to all lender requests — delays on your end can push back your closing date or jeopardize your rate lock.
- Consult your Loan Officer before making any major financial decisions — even things that seem minor can affect your debt-to-income ratio.
🚫 The Don’ts: What to Avoid Until After Closing
- Don’t apply for new credit of any kind — no new credit cards, car loans, personal loans, or store accounts. Each application lowers your credit score.
- Don’t make large deposits without documentation — unexplained deposits over $1,000 will trigger questions. Keep receipts and paper trails for everything.
- Don’t quit or change jobs — lenders want to see stable employment. A job change during the process can require a full re-qualification.
- Don’t make large cash withdrawals — these can signal undisclosed liabilities or suggest you’re borrowing money for the down payment.
- Don’t pay off collections or charge-offs without first consulting your loan officer — this can sometimes lower your score temporarily.
- Don’t co-sign on any loans for anyone — even if you’re not making payments, the debt counts against your debt-to-income ratio.
- Don’t make major purchases before closing — no furniture, appliances, or vehicles. These add to your debt load and can disqualify you.
- Don’t transfer money between accounts without talking to your lender first — it can make sourcing your down payment funds difficult to verify.
Why This Matters More Than You Think
Lenders re-pull your credit and verify your financial status right before closing. Many buyers have lost their approval — sometimes just days before getting the keys — because they made one of the mistakes above. Even something as routine as buying a new refrigerator for your new home can delay or kill a deal.
The rule of thumb: don’t make any financial changes without asking your Loan Officer first. When in doubt, wait until after closing.
Ready to Buy in Arizona? Let’s Talk
Navigating the mortgage process doesn’t have to be stressful. The Jay Bru Group has helped hundreds of buyers successfully close in the Phoenix and Scottsdale area. If you have questions about financing or want a referral to a trusted local lender, reach out — we’re here to help.
📞 480-466-4917 | ✉️ jay@jaybrugroup.com
