Financing a car “in the meantime”
A new monthly payment goes straight into your total debt service ratio and cuts the mortgage you qualify for, often by far more than the car costs. If the purchase can wait until closing, it should.
Changing jobs just before
Even for better pay. A lender wants tenure and a completed probation period. A change in status — employee to self-employed above all — can require two years of tax returns before it counts.
Shopping five lenders yourself
Each application can leave a mark on your credit file. One submission, presented by a broker who then shops on your behalf, produces the same comparison without multiplying the inquiries.
Closing an old card to “tidy up”
It cuts your available credit and shortens your average history: the score can fall. Before financing, the right move is to close nothing and open nothing.
Receiving a gift with no paper trail
A down payment must be traceable over several months. A large unexplained transfer triggers questions and delays the file. A family gift is documented by a letter, at the time it is made.
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