A few important things to keep in mind while waiting for your loan to close:

• Avoid large purchases

Although you will be listing ways to turn your new home into a showplace, avoid major purchases like appliances, electronics, or expensive furnishings. You will also want to avoid vacations and car purchases until the closing of your loan. Your credit numbers could change suddenly if you purchase new furniture using credit cards. It’s also a bad idea to make those large purchases using cash. Lending Institutions are looking at your cash on hand when considering your loan.

• Don’t switch to a new profession
  

Consistency and stability in your job history is a positive thing to banks and other lenders. Changing jobs may not affect your ability to qualify for a mortgage loan — especially if you are getting a bigger paycheck. However, switching careers in the middle of the loan process might influence whether or not you are approved.

• Don’t change from salary to self-employed
  

Most lenders will accept self-employment as long as the borrower can show 12 months of income from their business.

• Keep your finances in order
  

Bank statements from the last few months for accounts in your name (checking, savings, money market, and others) will be studied as the lending institution considers your loan application. In order to eliminate fraud, lenders require a clear and consistent picture of how you earn your living and where any additional money comes from. Changing banks or moving funds to another account — even if it is merely to consolidate funds — might hinder the review of your accounts.

• Don’t apply for new sources of credit

While it may be tempting to take advantage of promotions such as retailer discounts, credit balance transfers, or other special offers tied to opening new lines of credit, beware that such actions can negatively affect your credit score and thus your qualifications for your loan.  Beware that a short term discount may actually cost you more in the long run.