Is it OK to Make a Large Purchase While Waiting for a Home Loan to Close?

January 29, 2021

You found a home, your offer was accepted, and your loan was approved–now what?  Besides packing, that is…

Your to-do list probably includes quite a few big-ticket items to buy–appliances, furniture, etc. Beware that making large purchases could disqualify you from obtaining your loan. 

Even after approval, a mortgage loan is NOT guaranteed until the day it funds.  In the meantime, you don’t want to do anything that could affect your credit or your cash balances.

During the underwriting process, the bank will continue to monitor your accounts and credit reporting. Their goal is to ensure that you are maintaining the same financial situation you were in at the time of application, specifically the amount of cash you have on hand for a down-payment, as well as your debt-to-income ratio.

During the process of closing on a home

  • DO NOT apply for additional loans or financing, no matter how small
  • DO NOT apply for or open new lines of credit.  Even “Zero Interest for the first year” financing can have an impact on your loan approval process
  • DO NOT make purchases with cash that could impact your ability to pay your down payment
  • DO keep records of any unusual deposits or withdrawals from your bank account (I know of cases where loan applicants have been asked to provide details for deposits as low as $200)
  • DO provide documentation for down-payment gifts received (How to document down-payment gifts)

Just remember, the purchase is not complete until it funds. Many lenders are checking credit and employment status the day of funding and recording.

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