Some new homebuyers make the mistake of rushing out to buy new things for their home soon after the seller accepts their offer and the lender approves their loan. There still remain a few major hurdles to jump before the house is really yours. Below you'll find a list of actions to avoid during this critical time of your home purchase.

Don't throw your money around. Although you will be planning ways to turn your new house into a castle, try to stay away from major purchases like appliances, electronics, or expensive furnishings. We also recommend that you stay away from vacations and car purchases until your loan closes. Financing your stainless steel appliances with a store card or a bank credit card could jeopardize your credit worthiness when you need it the most. Using cash to buy big items can even be a mistake: many lenders consider your available cash when approving your mortgage.

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Don't go on a job search. Your recent career history should show consistency. Finding a new job (particularly one with a better salary) may not affect your ability to qualify for your loan. But in some cases, changing careers during the loan application process might bring concern and stymie your approval.

Don't change banks or move cash around in your accounts. Bank statements from the last two or three months for your accounts (savings, checking, money market, and other accounts) will likely be reviewed as the lending institution makes decisions regarding your approval. To eliminate potential fraud, most lending institutions require a thorough paper trail to determine the source of all funds. Even for innocent reasons, moving around cash or changing banks could make it harder for the lending institution to verify your bank history.

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Don't give your FSBO (for sale by owner) seller a "good faith" deposit, delivered to his door. Until the sale is complete, any good faith deposit actually belongs to you. The FSBO seller might not know that the good faith funds is to be applied to your expenses upon closing. Get an attorney or other neutral person who can hold the funds or place them in a trust account until closing. The final disposition of earnest funds, in the case of a failed transaction, should be written in the contract with the seller.