10 biggest mortgage mistakes

Acting like the loan is final before closing

Just because a seller has accepted your offer and a lender has approved your mortgage doesn’t mean your home purchase is a done deal.

There are a number of behaviors to avoid before you close, says Richard Whitman, vice president of mortgage lending at Texas Trust Credit Union in north Texas.

Don’t quit your job; lenders want to see two years of consistent employment, he says, and they’ll verify it just before closing.

Don’t open new credit cards, take out new loans or use more of any existing credit lines. If you have more debt, you won’t be able to borrow as much.

You shouldn’t even make large purchases with cash because lenders want to see that you have enough savings to keep paying your mortgage in an emergency.

And if you didn’t lock in your rate and interest rates go up, you might qualify for less than you need to buy the home.

Finally, don’t miss any deadlines for returning loan paperwork.