What Not to Do Before Buying a Home

Avoid These Costly Mistakes Before Closing on Your Suffolk County Home

Buying a home in Suffolk County, New York can be an exciting, rewarding journey, but first-time buyers are often unpleasantly surprised by how many things can go wrong between mortgage pre-approval and closing. Just because a lender has pre-approved your mortgage doesn’t mean everything is set in stone—many small missteps can jeopardize the process.

To help you avoid unnecessary stress, Team Rita has compiled a Home Loan To-Don’t List—key things to steer clear of before closing on your Suffolk County dream home.

1. Don’t Mess with Your Credit Score

Your credit score plays a huge role in securing your mortgage, so it’s crucial to keep it steady. If you find errors on your credit report, wait until after closing to dispute them—filing a dispute can trigger a temporary change in your score that might affect your loan approval. The same goes for closing credit cards or paying off large debts unexpectedly, as these actions can impact your credit utilization ratio and make lenders nervous.

If you’re months away from starting the home-buying process in Suffolk County, now is the time to clean up any credit issues. But once you’re pre-approved, keep things exactly as they are until closing.

2. Avoid Opening New Lines of Credit

That new furniture or home improvement store credit card may be tempting, but opening a new line of credit before closing can disrupt your debt-to-income ratio—one of the key factors that lenders evaluate. Even a small increase in debt can lead to delays or even disqualification. The safest move? Hold off on any big purchases that require you to tap credit lines until after the deal is done.

3. Always Pay Your Bills on Time

Missed payments – whether it’s a credit card, car loan, or even a utility bill—can lower your credit score and raise red flags for lenders. A single missed payment can delay your approval or, in some cases, cause a lender to revoke their commitment. Stay on top of all payments before, during, and after the home-buying process.

4. Don’t Move Large Sums of Money Around

Lenders assess your financial stability based on your bank statements and cash reserves at the time of pre-approval. Making large transfers, withdrawals, or deposits can trigger concerns and lead to additional documentation requests from your lender. As a rule of thumb, keep your accounts steady and avoid moving anything over $500 until after closing. If you happen to receive a monetary gift for your home purchase, make sure the giver provides a signed letter confirming that it’s a gift, not a loan.

5. Avoid Changing Jobs (If Possible)

Even if you’re getting a great promotion, switching jobs before closing can complicate your loan approval. Lenders want to see stability in your employment history, and sudden changes—especially switching from salaried to commission-based pay—can raise concerns about your ability to make mortgage payments. If a job change is unavoidable, talk to your lender first to see how it might impact your loan.

6. Don’t Buy or Lease a New Car

While some locations in Suffolk County are accessible via public transit, most require you to own a private car. Although you may see a new car as a necessity or a reward for your upcoming move, lenders see it as additional debt. Even if your monthly payments seem manageable, a new auto loan could throw off your debt-to-income ratio and put your home loan at risk. It’s best to wait until after closing before making a big purchase like a car.

7. Avoid Changing Banks

Your banking history is another key factor lenders consider when evaluating your loan application. Changing banks in the middle of the mortgage process can disrupt verification procedures, causing unnecessary delays. Keep all financial accounts stable until after you’ve closed on your home.

8. Don’t Co-Sign for Anyone

Co-signing on a loan for a friend or family member means you’re legally responsible for that debt if the primary borrower fails to pay. Lenders take this obligation seriously and may reconsider your mortgage approval if they see you’ve taken on additional risk. Until your home purchase is complete, it’s best to avoid co-signing for anything.

Buy Your Home with Confidence—Team Rita is Here to Help!

Purchasing a home can be complex, but with the right guidance, you can navigate the process smoothly. Team Rita is here to provide expert advice, real-world experience, and the support you need to close on your Suffolk County home without unnecessary setbacks. Whether you’re a first-time buyer or a seasoned homeowner, we’ll help you avoid costly mistakes and secure the best deal possible.

Have questions about the areas we serve in Suffolk County, Long Island? Team Rita is here to help you find your Suffolk County dream home. Give us a call at (631) 332-7897 or email us – we’d love to hear from you!