You’ve been pre-approved, you’re under contract, and closing is just weeks away – this is exactly the wrong time to finance a new car, open a store credit card, or make any other major purchase.
Why it matters
Lenders typically re-check your credit and debt-to-income ratio shortly before closing. A new loan or a large credit card balance can push your debt-to-income ratio too high, jeopardizing your final loan approval even after you’ve already been pre-approved.
What to avoid before closing
- Financing a car, furniture, or appliances
- Opening new credit cards or store financing accounts
- Co-signing a loan for someone else
- Making large, unexplained cash deposits or withdrawals
- Changing jobs, if it can be avoided
Wait until after closing
Once you’ve closed and the loan has funded, go ahead and furnish that new home – just not a day before.
Questions about what’s safe to do before closing? Call Dockside Realty at 850.225.9785 or email christine@docksiderealtyinc.com.