You have an accepted offer on a new home and are excited to close, move in and make it your own.
Naturally, you start looking at furniture. Your new home needs a new couch, and the living room is the perfect size for a great sectional. AND, if you “buy today,” you can also get a new flat screen television to hang above the fireplace and ALL for zero down and no interest for one year.
Buying a new home is an exciting time. Beware and don’t make purchases or open credit accounts that may impact the final credit check by your lender.
Seven Do’s and Don’ts of Mortgage Funding*
- Don’t change your employment status.
- Don’t make any major purchases (cars, furniture, home theater, vacations, etc.).
- Don’t increase your credit card debt or miss any payments
- Don’t change bank accounts or make undisclosed large deposits.
- Don’t apply for a credit card, co-sign a loan or make a credit inquiry.
- Don’t spend money you have set aside for closing – not any, not ever.
- Don’t delay in providing all paperwork asked for by the mortgage company.
SECURE THE LOAN — CLOSE ON YOUR HOME!
|* Keller, Gary (2010). Shift. Rellek Publishing Partners, Ltd.|