You’ve gone to the Lender and you’ve been pre-qualified to purchase your new home. You search for days and finally find your dream home, now you have it under contract. You’re free and clear right?  WRONG!  There are many things your lender has to do on the backside that you don’t know about, including pulling your credit again just before closing.

What to avoid:

  1. Do NOT purchase new furniture!
  2. Do NOT apply for a new credit card!
  3. Do NOT quit or change jobs!
  4. Do NOT buy a new car!
  5. Do NOT close any credit card accounts!
  6. Do NOT miss any payments on you bills!
  7. Do NOT move money around!
  8. Do NOT spend your savings!
  9. Do NOT procrastinate on getting the Lender items requested!

There a times when that we have gotten down to the week of closing and the lender calls and has said, “You’re client went and purchased furniture or a car and now their debt to income ratio is too high, we can’t give them a loan.”  Another call we often get is, “We can’t close on time because I’m still waiting on this document from your client.” Don’t let this happen to you! Be pre-pared to talk often to your lender and get what they need to them promptly. Although you are anxious to purchase your home and get moved in, be sure to hold off on shopping for your major item, including a refrigerator if you have to put it on credit. If you have questions be sure to ask your lender or Real Estate Agent.