So, you qualified for a new mortgage and are all set to make an offer on your dream home - congratulations! It's time to go shopping for new furniture, new appliances and the many other things you'll need for your new place, right?

        Stop now!

        Even though you've completed your loan application and were accepted for a mortgage, it doesn't mean automatic money in your pocket. Until the purchase of your new home is 100 percent finalized, you need to keep your cash reserves high to prove to your lender that you are capable of servicing your upcoming mortgage debt.

        Do not buy anything using credit card once you have completed a loan application. Turn away from that car you've had your eye on, say "no" to that shiny new computer, and delay the purchase of those new appliances you were planning to put in your new home. These purchases, if bought on credit, may cause a slight alteration in your credit ratio, and that might be enough to cause an underwriter to deny your loan. And to add insult to injury, there may even be a risk of forfeiting your deposit when you lose your opportunity to buy the home.