This new TV is awesome let’s put it on the credit card, NO DONT DO IT!

Mortgage and Lending NMLS 89896

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).

Posted by

Lindsey Conrad

D 888 316 1653

F 888 316 1654

 Van Dyk Mortgage Corporation

7087 Pearl Road Middleburg Hts. Ohio 44130  Apply Here 24 Hours a day!

 NMLS #89896  Company NMLS ID #3035

Comments (1)

Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/ - St Thomas, VI
Improving the Quality of Your Life

That would be horrible if a loan got denied as a result of someone getting a flat screen TV with a credit card and that inquiry just happened to be the one that raised a final red flag. It would not surprise me though with how sensitive money lending institutions can be now.

May 26, 2015 04:54 AM