Quail Creek Homes | Russ Fortuno, Tierra Antigua Realty
Register Login (520) 333-0446
  • Bloglovin
  • Email
  • Facebook
  • LinkedIn
  • YouTube
  • Home
  • Homes for Sale
    • All Active Listings
    • Floor Plans
    • Homes w/ Pools
    • Single Family / Detached
    • Villas
  • Community Info
  • Amenities
  • Buyers
  • Sellers
  • About
  • Blog
You are here: Home / Blog / Tips for Home Buyers

7 things to avoid once you apply for a mortgage

March 5, 2023

7 Things To Avoid After Applying for a Mortgage!

Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home.

But before you make any big purchases, move any money around, or make any big-time life changes, consult your loan officer. They will be able to tell you how your decision will impact your home loan. Following is a list of 7 things you shouldn’t do after applying for a mortgage! Some may seem obvious, but some may not!

1. Don’t make any large purchases like a new car or new furniture for your new home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios… higher ratios make for riskier loans… and sometimes qualified borrowers no longer qualify.

2. Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

3. Don’t change jobs or the way you are paid at your job! Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.

4. Don’t co-sign other loans for anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payment against you.

5. Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer money between accounts, talk to your loan officer.

6. Don’t apply for new credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

7. Don’t close any credit accounts. Many buyers erroneously believe that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.

Bottom Line

Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.

Filed Under: Tips for Home Buyers Tagged With: Credit, FICO Scores

New Listing

NOTIFICATIONS

  • Email Alerts for New Listings
  • Save Your Favorites
  • Schedule Showing Requests
  • Price Change Notifications
  • Plus More…

Sign Up

What’s Your

HOME WORTH?

Find Out

Client

TESTIMONIALS

"Our situation was complex and Mr. Fortuno’s knowledge and experience made for a seamless transition. The timing of our sale was paramount and it happened as planned. His knowledge of the market was of upmost importance. Our home was priced accordingly and sold immediately. Additionally, Mr. Fortuno was available for our questions with prompt replies, often considerations or options. Our experience was “top notch” and we highly recommend him."
- Pat N., Quail Creek
"Fair, reliable, professional and a pleasant person to work with. Would not hesitate to recommend. All aspects of the sale were very professional. The materials to publicize the house were well done as were the photos. Russ’s familiarity with Quality Creek and the market were up to date and reliable. His manner was low key and very responsive. Easy to work with. Very helpful in staging the house. Excellent in all respects. Overall, a very easy person to work with and always professional."
- Joan H., Quail Creek
"Russ is a Realtor you will want to use! We worked with Russ to sell our property, all while we were living out of state. We got the selling price we wanted, he was always responsive to phone calls, texts, emails; went out of his way numerous times to make sure things like permits were in place or that services to the property were being taken care off. If Russ was licensed in other states I would always use him."
- Tom S., Quail Creek
View All

Listing Notifications

Sign Up! New listings delivered to your inbox!
Sign Up Now

Stay Connected

  • Bloglovin
  • Email
  • Facebook
  • LinkedIn
  • Phone
  • YouTube

agent photo

Russ Fortuno, Associate Broker

I'm a Southern Arizona native and Quail Creek resident. Whether you’re buying or selling a home in Quail Creek, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

This site is not affiliated with Robson Communities or the Quail Creek Country Club Property Owners Association.
© 2025 Russell E Fortuno PLLC, All Rights Reserved. ADRE BR658088000   •   Privacy