It's an exciting time when you've found your new home and waiting for the closing day. You've been through a roller coaster of emotions after making more than one offer on a home that you "loved." It all seems a bit surreal and then the waiting game at the end makes you stir crazy. Waiting for your new set of keys can seem like an eternity!
You're already picking out what color paint will go on the walls, and maybe for each room. You know exactly where everything should go so you start making a to do list of things you'll need for your new home.
Sheets, towels, a refrigerator, and maybe a washer and dryer will be needed. And then there's furniture. It's your first home and the furniture that you've been using is pretty worn out. Your friends have trashed your furniture, and maybe you contributed, too! So furniture is a must. Why Can't I Buy New Furniture Before Moving Into my New Home?
After all, you've waited all this time and have been saving your money for many months leading up to this chaotic time. Furniture is a must for your new place, right? Why Can't I Buy New Furniture Before Moving into My New Home?
Yes furniture would be nice and so would new appliances and everything else needed for a new home. Problem is, if you start buying those items and adding them to a credit card, you could BLOW your home purchase.
You see, a lender (aka mortgage company) will "pull" your credit again right before you close on the loan for your home. Adding debt to a credit card will surely change your debt to income ratios and could possibly disqualify yoou from the new mortgage. It's difficult to resist the temptation, but don't because you might not get that set of keys if you do!
So whatever you do, DO NOT purchase those items until after you're into the new home already.