Once you’re serious about house hunting and ultimately buying a new home, it’s a good idea to proceed cautiously with your finances. After all, buying a home is a huge investment – probably the biggest you’ll ever make. To be a approved for a loan and secure a low interest rate, you don’t want to make a decision that could adversely affect your credit or overall financial standing. Up next are five roadblocks to closing on a mortgage that you should avoid at all costs.

1. Quitting Your Job or Finding a New One

While taking a new job isn’t a bad thing under normal circumstances, it’s not best to jump ship when you’re trying to gain mortgage loan approval. Lenders want to see stability in your work history, and holding the same job for an extended period of time demonstrates that. And, of course, it’s never a good idea to just stop working when you’re trying to buy a home. After all, it takes money to pay off a mortgage.

2. Paying Your Bills Late or Not At All

Want to mess up your credit in a hurry? Stop paying your bills or start paying them later than you should. If there’s ever a time to pay your bills and do so on time, it’s when you’re being considered for a mortgage loan. Don’t let failure to pay bills become a roadblock to closing on a mortgage.

3. Co-Signing a Loan for Someone You Know

Don’t let compassion for someone you care about cloud your judgment and convince you to co-sign a loan for them. Being a recent co-signer on someone else’s loan is a major red flag for lenders when they evaluate your qualifications for a home loan. The possibility that you could be responsible for paying another person’s loan doesn’t sit well when it comes time to look for a house.

4. Ignoring Questions from Your Lender

Inevitably, your lender is going to have some questions as you move through the homebuying process. Don’t ignore them. Instead, answer them as soon as possible. Also, keep in mind that you and your lender aka mortgage planner are on the same team. And you both have the same goal. Any questions your lender asks are important to you ultimately securing the home loan you need. Of course, questions are a two-way street. Here’s how to contact us with any questions you might have.

5. Making an Expensive Purchase

A home is probably not the only big-ticket purchase on your bucket list. But right now, you need to put plans to buy that boat, car, RV or ATV on hold. We’re not saying you should never purchase one or all of these. It’s just not a wise move to do so when you’re in the process of buying a house. You don’t want to stretch yourself too thin financially, and you also don’t want to hurt your debt-to-income ratio before your loan is approved.