Hold Off On Using Those Credit Cards!

Stop This Means You SignWhen Buying a new home in Newburgh NY obtaining your mortgage is a HUGE part of the process. With your Newburgh NY Realtor, you searched and searched and found that special house you want to call home. You found a bank that would issue a PreQual letter. The deal has been negotiated and the home inspection was flawless. You are ready to sign contracts and go forward. Now you apply for the actual mortgage. All your ducks are in a row and you start to relax a bit.


This is NOT the time to go shopping for new furniture!! If you read the documents on the loan application and all the fine print you are informed warned NOT TO TAKE ON NEW CREDIT OR DEBT once the loan process has begun. Banks frown on this and you can lose the ability to purchase your dream home.stop sign


AFTER THE CLOSING there is plenty of time to purchase whatever you may need. Even when you have commitment from the bank  another credit check  is performed. Don’t think just because you are clear to close that they don’t look again.. and again! They are watching to see if anything big is being charged or any credit is being looked at. Don’t make the mistake of thinking that they won’t notice. They see everything and will make your life miserable! You can, and will jeopardize the loan.


I know that you are anxious, but there is an order of things to be done so you can do both. During the process of buying that beautiful New Home in Newburgh NY you need to be smart and wait until after closing. Go to the closing table first and then buy that new car or furniture if you still have the ability to pay for it. There is a time for everything. Knowing this during the process can save you from disaster!


There are so many things to think about when buying a home. It is hard to know them all.  NOT knowing can cost you time and money. Buying or sellng your home is the single most expensive item you buy in a lifetime. Don't do it alone. You need the experience of a Professional Realtor to get the job done. When  you are ready to purchase or sell your home I would be honored to  be your Newburgh NY Realtor to guide you through the process.

Janis Borgueta is a Realtor in Newburgh NY. Her blog is about living, working and real estate in The Hudson Valley. If you would like more information about Real Estate in Newburgh NY and Living in the Hudson Valley, please subscribe to this blog.  When you are looking to buy a new home....

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13 Comments on Buying a Home in Newburgh NY ~ Mortgage Info ~ Stop Before You Shop!

JUN
30
617,259 Points 94 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I continually tell my buyers to put that Credit Card way away until AFTER closing and funding.  Once they have the keys, they can go shopping to their heart's content, but not until.  If they don't wait, they might find themselves with new furniture and no place to put it!  Suggested :)!
11:48am • #1
370,209 Points 23 Featured Posts Outside Blog Called Shot Master

So true Brenda, and althought it is told to them by their lending agent and realtor, they still don't pay attention. I read the the riot act and tell them over and over again. I did have one buyer that did get how it worked.. He closed on the home,  did not even drop by the home, and left town, only to pick up his car to drive back to the new home from the dealership with that brand new car. It worked and everyone was happy. VERY important! and Thanks for suggesting!
11:55am • #2
1,343,064 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

GREAT reminder! So many use those credit cards and then have problems at closing!
1:22pm • #3
1,343,064 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Suggested for a feature........important information to get out there!
1:23pm • #4
370,209 Points 23 Featured Posts Outside Blog Called Shot Master

Barbara Jo ~ They don't put two and two together and buy the things they need even, and oops now we have a problem at closing!
1:23pm • #5
250,040 Points 5 Featured Posts Outside Blog Called Shot Master

Hi Janis, great points-hard to believe that people do not understand not to run up a lot of debt before or after they buy a new house-that kind of consumer debt is really dangerous!
2:05pm • #6
370,209 Points 23 Featured Posts Outside Blog Called Shot Master

Thanks Barbara for suggesting!

Joanne... it seems logical, but when they hear they are preapproved and go through the application process they think they are good to go. It may be all kinds of things that they need and can afford, but it makes most banks VERY nervous and can really mess up the loan. Better to wait and do it all after the sale.

 
2:42pm • #7
JUL
01
197,161 Points 2 Featured Posts Called Shot Master

Janis this is so true. I have seen buyers finance a new car, get NEW credit cards, etc. Why cant they just wait a few weeks!
3:14am • #8
370,209 Points 23 Featured Posts Outside Blog Called Shot Master

Donald.. they get anxious and don't realize that it matters. They just need to be educated that the two don't work well together. Once they truly understand the issues they don't do it. Of course as Realtors we are needing to advise our clients on all these issues.
3:43am • #9
795,005 Points 80 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

So true Janis, And i too emphasize this againa & again...i had one who almost bought a $6000 engagement ring while in mortgage process...for all buyers to know in Newburgh NY & everywhere...talk to Janis B...she will guide you well in your home buying process!
6:17am • #10
1,908,290 Points 384 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Hey, Janis!  I included this post in Last Week's Favorites.  Have a great week.
8:29am • #11
168,181 Points 50 Featured Posts Outside Blog Attended Rain Camp

No big purchases ... and don't succumb to the "would you like to get an additional 10% off your purchase today by opening up a credit card with us" sales pitch.  Great reminder, Janis!
9:55am • #12
370,209 Points 23 Featured Posts Outside Blog Called Shot Master

Thanks Pat!!

Carie~ No big purchases.. but making sure that clients don't forget when they actually need something is important.
6:07pm • #13

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Janis Borgueta

Newburgh, NY

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Address: Newburgh NY, The Hudson Valley NY, Newburgh, NY, 12550

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Author Bio: Janis Borgueta is a Realtor in Newburgh NY. Her blog is about living, working and Real Estate in the Hudson Valley.

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