Warning! What NOT to do when you’re closing on a home

Real Estate Broker/Owner with Mercatus Realty LLC 285089

 Hello All,

 As you know the home buying process can be a very stressful and time consuming process.  I believe that there are a few overlooked things buyers should be aware of and thier Brokers may not be informing them. It is to NOT SPLURGE just before you buy a home. After all, you probably have big-ticket items to buy like a washer and dryer, a lawn mower, new furniture, or bedding. And you’ve probably paid down your other credit cards, paid off car loans, and have cleaned up anything negative on your credit prior to applying for a mortgage. Now there’s a store offering you a $10,000 line of credit for furniture with no payments for a year so you can fill your new house! 

Don’t do it. At least, not before you close.

“Banks are going to question almost any meaningful transaction you make while you’re applying for a mortgage,” says Douglas Boneparth, a financial planner in New York City. “So, until you close and the keys are in your hands, you are under the magnifying glass,” he says.

There’s one thing most people don’t understand in the home-purchasing process: Their credit is monitored, right up to the day they sign the contract says Tom Wind, executive vice president of home lending for EverBank in Jacksonville, Fla. “When people think they’re approved [they also think] they’re done,” he says. “They’re not done until the loan closes,” he said.


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Posted by

Preston Fichter Salinari
Associate Broker/Appraiser/NACHI Certified
Mercatus Realty LLC

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