Don't Make Major Purchases Before You Close!
Whether you’re buying a Port Royal condo or a house in El Pescador, maxing out your credit cards and getting new lines of credit to buy furniture and other big-ticket items before you close on the deal can be a huge mistake.
Why You Need to Steer Clear of Major Purchases Before You Buy a Home
Nothing is set in stone with your mortgage until you sign the very last piece of paperwork on closing day, which means that right up until the last minute, your lender can change its mind and revoke your approval for a mortgage loan.
A big purchase on a credit card can change your credit score—and render you ineligible for a loan.
In fact, any change in your circumstances, including switching jobs or having a late payment on your car loan, can affect your eligibility to get a loan at the interest rate you and your lender have agreed upon. If the lender pulls its offer for funding, you could be out of a house… or, at the very least, see your closing delayed until the lender has its underwriters work with the new figures.
Are You Buying a Home in Port Aransas?
If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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