When buying a home, the smallest of missteps can derail the transaction  especially if you’re financing the property.

Sometimes broken-hearted buyers learn too late that a seemingly harmless decision or transaction has rendered them unqualified for their mortgage.

Here are three of the most common pitfalls that can derail your dreams of buying a home:

Don’t Count Your Chickens Before They Hatch

No real estate transaction is a sure thing until escrow closes and the deed transfer records.

As excited as you are about buying a home, restrain yourself from going out and buying new furniture or appliances. Wait until you close for those shower curtains, light fixtures, window blinds and paint. Don’t even consider hiring a decorator or landscape designer.

This is not the time to spend money. Besides, you won’t know for sure what you need or want until you close and move in.

Don’t Be Penny Wise and Pound Foolish

Speaking of spending money, major purchases are off the table when you’re buying a home.

Ask any lender, and you’ll hear countless stories of buyers, in the middle of the mortgage underwriting process, who went out and bought a car without realizing how it would affect their credit score and debt-to-income ratio.

Don’t make any new investments, no matter how good they may be. In fact, don’t engage in any financial transactions without checking first with your lender.

Finally, don’t move money around or let your brother-in-law choose now to repay that money he borrowed 10 years ago. The underwriters will be combing your financial records, and anything of this nature may raise red flags.

Don’t Bite the Hand That Feeds You

Changing your job status also may be a bad idea while you’re buying a house. Lenders consider job stability when deciding if your home loan is a safe bet. This is also not the time to start your own business or branch out into the freelancing world.

If you suddenly find yourself without a job, sit down with your loan officer and discuss the situation immediately. Even if your loan approval isn’t in jeopardy, you want to reconsider taking on a new debt load if you aren’t sure about your future employment prospects.

The Edie Israel Team understands how important your new home is for your future and that of your family. Our team of professional Realtors® is here to help you achieve your objectives and goals. Rest assured that we will do whatever it takes to ensure that your experience is a positive one.

You can count on The Edie Israel Team, serving clients in Yorba Linda and throughout Southern California, to assist you through the process of selling or buying a home.