Taking out a loan to buy a car, or leasing a car, in the months before your home loan closes could be a deal-breaker, said Mindy Jensen, a real estate investor and community manager with BiggerPockets, a real estate social network and marketplace. Having a car payment increases your monthly debt obligations, increases your debt-to-income ratio, and could cause your loan officer to worry about your ability to pay your mortgage.
“Play it safe, and don’t buy anything outside groceries and utilities until after your home closes,” said Jensen.
5. You borrowed your down payment.