Please read and take notes! This is very important.
Your mortgage pre-approval was granted to you based on the amount of money you had at the time of the pre-approval in your savings accounts, checking accounts, retirement accounts, etc. and was based on the amount of debt you had at the time (car payments, student loans, your current mortgage if you already own a home, etc). If you go out and buy a TV, a new car, new furniture, etc. between now and closing it could put your chances of being approved for your mortgage at RISK, since your LENDER PULLS YOUR CREDIT ONE MORE TIME THE DAY BEFORE CLOSING. Therefore, it is imperative that you spend as little money between now and your closing date as possible. In addition, be sure to pay all of your monthly bills on time going forward, don’t open or close any credit cards, don’t take extravagant vacations, etc. Often buyers think it won’t make a difference if they buy a couch, new TV, etc and charge it to their credit card, but it very well could put your loan in jeopardy. So please do not buy ANYTHING big until after closing. Then feel free to splurge!
If there is a purchase you really need and are in doubt as to whether the purchase will affect your ability to obtain a mortgage, please speak with your mortgage lender.
Questions? Call me at 708-860-0346 or email sammy(at)sellchicago(dot)net.
