7 Mistakes to Avoid When Applying for a Mortgage in Arizona

What Not to Do During the Arizona Mortgage Process

Why Knowing the “Don’ts” Matters

Buying a home in Arizona is exciting, but the mortgage process can be tricky. One wrong move could delay or even derail your loan approval. Want to make sure things go smoothly? Here are key mistakes you should avoid.

Don’t Make Major Purchases Before Closing

Thinking about buying new furniture or a car before your loan closes? Big purchases can hurt your credit score or change your debt-to-income ratio, which may put your loan at risk. Wait until after closing day to make those purchases.

Don’t Change Jobs Without Talking to Your Lender

Lenders like stability. Changing jobs, especially if it’s a completely different field, could raise red flags. If a career change is unavoidable, let your lender know right away to avoid surprises during the approval process.

Don’t Open or Close Credit Accounts

Opening new credit cards or closing old accounts can negatively impact your credit score. Keep your credit activity steady until your mortgage is finalized.

Don’t Skip Payments on Existing Loans

Even one missed payment can drastically affect your credit. Always pay bills on time while going through the mortgage process.

Don’t Hide Financial Information

Trying to hide debts or other financial obligations? Lenders will find out during the underwriting process. Be upfront and honest to avoid complications later.