What NOT to Do When Buying a Home in the Chicago Suburbs

You’ve found your dream home in DuPage County, Glen Ellyn, or Wheaton, now you need to make sure you can actually move into it. Too many buyers in the Chicago suburbs accidentally delay closings, increase their interest rates, or even lose their financing altogether by making costly mistakes before closing. Knowing what NOT to do when buying a home can be just as important as finding the right one.

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Avoid These 10 Costly Mistakes Before Closing

Once you’re pre-approved, your lender has evaluated your financial situation based on very specific criteria. Any big changes to your income, credit, or savings can derail your purchase. Here are 10 things you should never do once you’re under contract:

1. Don’t Change Jobs or Become Self-Employed

Lenders need stable employment history. Switching jobs, or worse, quitting or becoming self-employed, can put your loan approval at risk.

2. Don’t Finance a New Car or Truck

Buying a new vehicle changes your debt-to-income ratio, which can disqualify you from your loan. You don’t want to end up living in your new car instead of your new home.

3. Don’t Rack Up Credit Card Purchases

Avoid unusual or large credit card purchases, and never let your accounts fall behind. High balances can lower your credit score, affecting your interest rate.

4. Don’t Open New Credit Accounts

Even if a store is offering a discount, opening a new credit card before closing can hurt your credit profile.

5. Don’t Touch Your Closing Funds

The money you’ve set aside for closing costs should stay where it is. Don’t use it for anything else.

6. Don’t Buy Furniture or Appliances (Yet)

Even if the store offers deferred payments, new debt still impacts your credit. Wait until after you’ve closed to furnish your home.

7. Don’t Authorize New Credit Inquiries

Unless they’re related to your mortgage, new credit pulls can signal financial instability to lenders.

8. Don’t Make Large Deposits or Withdrawals

Your lender will need to verify any big changes in your bank accounts. Unexpected deposits or withdrawals can raise red flags.

9. Don’t Change Bank Accounts

Switching banks mid-process makes it harder for lenders to track your financial history. Keep your accounts steady until after closing.

10. Don’t Co-Sign for Anyone

If you co-sign a loan for someone else, that debt counts against you, even if they make every payment.

Why This Matters in DuPage County and the Chicago Suburbs

Lenders in areas like Glen Ellyn, Wheaton, and Lombard scrutinize every financial detail before approving a loan. Even one of these mistakes can delay, or completely derail, your purchase. If you’re ever unsure, talk to your lender before making a financial move.

Have questions about buying or selling in DuPage County? We’re happy to help, just reach out!