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Letter to Crofton Homebuyers AFTER Your Offer is Accepted
I don't live in Crofton, but have seen homebuyers shocked that their loan was denied for these very reasons.
Please do not buy a big screen plasma TV for each room until AFTER closing!
 
Dear Crofton Homebuyer,
The seller accepted your offer, your home inspection is complete, the appraisal has been ordered... now the fun of renovating and furnishing that home begins!  But wait...

Don't go shopping yet for furniture, appliances, and contractors. Right before closing, your lender is required to check your credit again. Any credit inquiries could lower your credit score and raise your interest rate. In other words, don't go window-shopping for new appliances, replacement windows, bathroom upgrades or new furniture because the vendor may do a routine credit inquiry to make sure you're qualified to buy their product or service. Even if you don't make the purchase or you use cash to pay for it, that credit inquiry could be enough to change your loan terms. Needless to say this includes other major purchases such as a car... My suggestion: Don't even walk onto the lot of a car dealer until after closing.
If you're talking to contractors about having some work done after settlement, keep in ... more

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