Your preapproval was granted based on the information provided to your lender at that time. This includes your credit, debt, bank account balance, etc. If you’re buying a lake house and decide you want to go ahead and purchase a boat before closing, this could affect your ratios and jeopardize your mortgage approval. Have a great new man cave and want to get an extra big tv and surround system? Wait until after closing. Want a spare car for that third car garage? Once again – you’re going to need to slow down.
Your lender will pull your credit the day before closing to verify nothing has changed. Any changes could affect your ability to buy your house. In addition to minimizing your purchases, make sure you are paying all your monthly bills on time and don’t open or close any credit accounts.
If you’re anxious to buy something for your new home, but uncertain how it might affect things – give your lender a call! Your lender and your realtor should both be available for you whenever you need them and you should never feel bad for asking questions. If you don’t feel comfortable with them, you shouldn’t be working with them.
Any questions about the process? Call or e-mail us! 317-384-4712 or lflynn(at)c21scheetz.com