Offer Accepted? 10 Things NOT to Do Before Closing on a Home

Quick Answer: What Should You Not Do After Your Offer Is Accepted?

After your offer is accepted, avoid making significant changes involving your employment, income, debt, credit, banking, or funds without first discussing them with your lender.

That includes things like taking out a new car loan, opening credit accounts, financing furniture, changing jobs, moving large amounts of money, making unusual deposits, or co-signing for someone else.

Your lender is qualifying you based on your financial circumstances and documentation.

Those circumstances can potentially change before closing.

So the simplest rule is:

When in doubt, ask your lender before you act.

Why Can Financial Changes Before Closing Matter?

Your mortgage process isn’t necessarily finished just because your offer was accepted or you received an earlier loan approval.

Your lender may still be reviewing and verifying information as your transaction moves toward closing.

Changes involving your:

• Employment
• Income
• Debt
• Credit
• Bank accounts
• Available funds
• Financial obligations

may potentially affect your loan or create additional documentation requirements.

That doesn’t mean every change will automatically cause a problem.

It means you shouldn’t assume a change is harmless without asking the professional handling your financing.

1. Don’t Change Jobs, Quit Your Job or Become Self-Employed Without Talking to Your Lender

You just had your offer accepted.

Then an amazing career opportunity appears.

Before making the move, talk to your lender.

Changing jobs, becoming self-employed, quitting your job, or making another significant employment change could potentially affect your mortgage financing.

That doesn’t mean a buyer can never change jobs during a transaction.

It means you shouldn’t assume an employment change won’t matter.

Your lender needs to tell you how your specific employment change could affect your particular loan.

Don’t make the change and then tell your lender. Talk to your lender first.

2. Don’t Buy a New Car, Truck or Van Before Closing

You bought the house.

Now you’re thinking about the new car that would look great in the driveway.

Not yet.

Taking out a new auto loan could change your financial obligations and potentially affect your mortgage qualification.

As I like to joke with buyers:

Don’t buy a new car, van or truck—you may end up living in it!

It’s funny, but the underlying message is serious.

Before taking on new debt between your accepted offer and closing, speak with your lender.

Get the house closed first. Then think about what’s going in the garage.

3. Don’t Run Up Your Credit Cards or Let Accounts Fall Behind

Be careful with your credit while you’re under contract.

This isn’t the time to suddenly increase your balances or allow financial obligations to become delinquent.

Keep your accounts current.

And before making a significant purchase using credit, speak with your lender.

Your goal during this period should be:

Financial consistency—not financial surprises.

4. Don’t Spend the Money You’ve Set Aside for Your Down Payment or Closing Costs

You’ve saved money for your home purchase.

Protect it.

Your transaction may require funds for your:

• Down payment
• Closing costs
• Prepaid expenses
• Other costs associated with completing the purchase

Don’t look at those funds after your offer is accepted and decide:

“I have enough. I can spend some of this.”

Know what you’ll need to complete your purchase and keep the necessary funds available.

If you’re unsure how much money you should retain, ask your lender.

5. Don’t Omit Debts or Financial Obligations From Your Loan Application

Be accurate and transparent with your lender.

If you have a financial obligation, don’t intentionally leave it off your loan application because you’re concerned it could affect your qualification.

Your lender needs accurate information.

If you’re unsure whether something should be disclosed, ask.

It’s much better to address a question early than to have an unexpected issue arise later in the transaction.

6. Don’t Buy Furniture on Credit—Even if Payments Are Deferred

This one can be incredibly tempting.

Your offer was accepted.

You’re already picturing yourself in the house.

You know exactly where the new sofa is going.

Then you see:

“BUY NOW. NO PAYMENTS UNTIL NEXT YEAR!”

Sounds perfect, right?

Ask your lender first.

Deferred payments don’t necessarily mean a new financial obligation is irrelevant to your mortgage transaction.

The furniture will still be there after closing.

Get the keys first. Decorate second.

7. Don’t Apply for Unnecessary New Credit Before Closing

Avoid assuming that because your mortgage is progressing, you can start applying for new credit cards or financing.

New credit activity may matter to your financing.

Before applying for a new credit card, store financing, personal loan, or other unnecessary credit while you’re under contract, check with your lender.

Again, the rule is simple:

Ask before you act.

8. Don’t Make Large Deposits, Withdrawals or Transfers Without Checking With Your Lender

Maybe someone gives you money.

Maybe you’re moving money from one account to another.

Maybe you need to make a large withdrawal.

Don’t automatically assume it won’t matter.

Certain funds or financial transactions may need to be explained or documented during the mortgage process.

Before making unusual or significant:

• Deposits
• Withdrawals
• Transfers

discuss them with your lender.

That can help you understand what documentation may be required.

9. Don’t Change Bank Accounts Without Talking to Your Lender

Changing banks may seem harmless.

But your lender may be using account statements and other financial documentation as part of your loan process.

If you suddenly close accounts, open new ones, or move significant funds around, you may create additional questions or documentation requirements.

Before changing bank accounts while you’re under contract, ask your lender what you need to know.

10. Don’t Co-Sign a Loan for Anyone Before Closing

Someone you care about needs help buying a car.

They say:

“Don’t worry. I’m making all the payments. I just need your signature.”

If you’re in the middle of purchasing a home, talk to your lender before signing anything.

Co-signing can create a financial obligation that may be relevant to your mortgage qualification.

And here’s another important point:

If you’ve already co-signed for someone, tell your lender.

Don’t assume the obligation doesn’t matter simply because someone else is making the payments.

What’s the #1 Rule After Your Offer Is Accepted?

If you forget the other nine things in this article, remember this:

Don’t Make a Significant Financial Change Without Talking to Your Lender First

New job?

Ask.

New car?

Ask.

Furniture financing?

Ask.

New credit card?

Ask.

Large bank deposit?

Ask.

Moving money?

Ask.

Co-signing for someone?

Definitely ask.

A short conversation before making a financial decision may be much easier than trying to address an unexpected financing issue afterward.

Can You Buy a Car Before Closing on a House?

You may be able to in some circumstances, but don’t assume a new car loan won’t affect your mortgage.

Financing a vehicle can create a new monthly debt obligation.

If you’re already under contract on a home, speak with your lender before purchasing or financing a vehicle.

Let your lender evaluate the impact on your individual loan before you make the decision.

Can You Buy Furniture Before Closing on a House?

Buying furniture with money you already have and financing furniture are not necessarily the same thing from a mortgage perspective.

If you’re considering opening a store credit account, using promotional financing, or taking on a new financial obligation before closing, speak with your lender first.

Even offers advertising “no payments until next year” can still involve new credit or debt.

The safest approach is simple:

Ask before financing the furniture.

Can You Change Jobs Before Closing on a House?

A job change could potentially affect your financing, depending on your circumstances and loan.

That doesn’t mean employment changes are universally prohibited.

It means your lender should evaluate your particular situation before you quit, change employers, become self-employed, or make another significant employment change.

Why Getting Your Offer Accepted Isn’t the End of Buying a Home

I want buyers to understand this before they ever write an offer:

Offer accepted does not mean transaction completed.

After your offer is accepted, there may still be important stages to navigate.

Depending on your particular transaction, those may include:

• Escrow
• Earnest money deposit
• Seller disclosures
• Home inspections
• Repair-related decisions or negotiations when applicable
• Appraisal when applicable
• Loan processing and underwriting
• Contingencies
• Contractual deadlines
• Final financing requirements
• Closing

And finally:

Getting your keys.

That’s why choosing the right buyer’s agent isn’t only about finding someone who can open doors and write an offer.

You want guidance, communication, and education throughout the transaction.

What Happens Between Offer Acceptance and Closing?

Every transaction is different, but once your offer is accepted, the process may involve several moving parts.

Your real estate agent may be helping coordinate the real estate transaction while your lender handles your financing.

During this period, buyers may need to:

• Submit the earnest money deposit
• Review seller disclosures
• Complete inspections and investigations
• Make decisions regarding contingencies
• Work through appraisal when applicable
• Continue providing requested financial documentation
• Meet contractual deadlines
• Review closing documents
• Prepare final funds when required
• Complete the transaction

This is why financial consistency can be so important during this period.

You’ve already worked hard to get the offer accepted.

Now the goal is to protect the opportunity and make it all the way to closing.

Why Work With Christine Almarines When Buying a Home in Orange County or Los Angeles County?

I believe a well-prepared buyer is in a better position to make informed decisions.

That’s why my approach begins with education and strategy.

I’m Christine Almarines with CA Real Estate Group | Caliber Real Estate, and I help buyers throughout Orange County, Los Angeles County, Buena Park, Cerritos, and surrounding Southern California communities.

I don’t want you learning everything while you’re already under pressure to make important decisions.

I want to prepare you beforehand.

That includes helping you understand:

• The overall home-buying process
• How to prepare before searching
• What happens when you find the right property
• Potential offer strategies
• Inspections
• Appraisals
• Contingencies
• Transaction timelines
• Potential risks
• What happens after your offer is accepted
• What buyers should avoid doing before closing

If financing is involved, your lender is the appropriate professional to advise you regarding your individual loan qualification and financial decisions.

If you don’t already have a lender, I can refer you to several lending professionals who can discuss financing options and your individual circumstances.

Start With My No-Obligation Buyer Consultation, Education and Strategy Session

You don’t need to find the house first and then call me.

I’d rather meet with you before that happens.

I offer a no-obligation buyer consultation, education and strategy session for prospective home buyers.

We can discuss:

• Your goals
• Your priorities
• Your budget
• Financing preparation
• The communities you’re considering
• Your desired lifestyle
• The home-buying process
• Potential offer strategies
• Inspections
• Appraisals
• Contingencies
• Potential risks
• What happens after an offer is accepted

The goal is to help you prepare so that when the right home comes on the market, you’re in a better position to evaluate the opportunity and decide whether you’re ready to act.

There is absolutely no obligation.

The objective is education and preparation.

Take Christine Almarines’ Online Home Buyer Course

Maybe you aren’t ready for a personal consultation yet.

You can start learning now with my online home buyer course.

Access the Home Buyer Course

Start the Home Buyer Course →

Go through the information at your own pace.

Then, when you’re ready to discuss your specific goals, contact me for your personal buyer consultation, education and strategy session.

Search Orange County and Los Angeles County Homes for Sale

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You can begin searching for homes throughout Orange County, Los Angeles County, and Southern California at:

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But remember:

Finding the house is only one part of buying it.

Preparation, financing, offer strategy, due diligence, inspections, appraisal when applicable, contingencies, and successfully navigating the transaction all matter.