Everyone always asks me “When can I go out shopping and buy things for my new home?” The correct answer is: AFTER you get the keys, your loan is FUNDED, and your new home title is transferred into your name. After this step the loan is complete and you can do as you would like with your credit cards, etc.
If you choose to open a new furniture credit card, appliance store credit card, or buy a new car, this could all make issues for the new loan/home you are trying to obtain. Meaning there is a chance this could make your income vs. your debts out of whack and take you out of the qualification range. This could even at extreme cases make you not able to buy that new home you have a contract on. So keep that new furniture, TV, car in the current rental location because it’s not going to a new home. Don’t worry, if you work with a lender that works efficiently your new loan shouldn’t take that long and you can get all these items soon enough. If by “mistake” your credit has a change, the processor can do a credit supplement to update the changes that have been made. This may also delay your closing of your new home. So, what have we learned from all this? Don’t open any new credit while buying a new home or refinancing. If you have any other questions or scenarios I am one call or email away. I hope this helps and happy shopping (for new homes, NOT TVs lol).