Note: This article is meant for individuals currently in the loan process with Lower, and references specific loan milestones. If you are not currently in the Lower loan process and want to know more about "dos and don'ts" in general, check out this article instead.

Now, on with the show!

When your loan is cleared to close and we’re entering the final phase, you’ll still want to keep up with the mortgage process rules until the loan is finalized. Remember—now is not the time to buy a suite of furniture or speedboat. Large purchases like these can impact your credit score or the amount of cash needed for closing.

In that same boat (pun intended) you’ll want to hold off on taking out new lines of credit or signing loans for friends or family. Essentially, you'll want to question anything or anyone asking for your social security number.

“But isn’t my loan cleared for closing? Why do I need to keep doing this?” The fact is, your credit report will likely be pulled multiple times in the process, and is often pulled right before closing to make sure nothing has changed.

Keep reading for the whole list of Do's and Don’ts to carry us through this last loan phase.

DO

Do Keep Paying Your Bills On Time. Even after you’re pre-approved, your credit still counts. Just keep paying your bills as normal.

Do Respond to Emails Promptly. The quicker you respond to emails from your lender and complete tasks, the faster they can close your loan.
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DON’T

Don’t Make Large Purchases. Trust us — this is not the time to buy a new car or living room set. Leave the non-emergency purchases until your loan has closed.

Don’t Make Unscheduled Deposits. Your assets are being carefully calculated up until your loan closes. An unscheduled deposit of several hundred dollars or more means it all needs recalculated.

Don’t Make a Major Life Change. Big moves (like quitting your job or getting married) can affect your qualification. If you file for divorce or lose your job, let us know ASAP so we can help.

Don’t Apply for New Credit. Store credit cards and payday loans ding your credit, which dings your ability to get a home loan. (We think you’ll agree — 30% off your shopping spree at Kohl’s isn’t worth it!)
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So, basically…

Financial actions can dramatically impact the ability for you to get a loan, all the way up until you’ve signed the final contract. So, take our word on this one, if you absolutely need to make a major life/financial decision, let us know first so we can help you navigate.