fbpx

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.

Recent Instagram Posts

Friendly reminder: How we speak to ourselves matters! Take a moment to notice your self-talk. If you catch yourself being self-critical, let’s flip that switch and show ourselves some love! 💚

Take a moment today to practice self-compassion and positive self-talk. You deserve it! 🫶🏻
...

15 1

Have you visited Lark Cafe? It`s the most adorable neighborhood café nestled in Historic Willamette.
They are open daily from 7am-3pm and serve
coffee, pastries, breakfast, and lunch! 🥗 🥘

Check them out on Instagram @larkcafeoregon

Have you been? What should I try the next time I go? 😋
...

15 2

It’s been a while since we did a #storytimewithheather. I see a lot of crazy things in real estate being in peoples homes. This one is an interesting one! 🫣😵‍💫 ...

40 12

📍FOR SALE in West Linn, OR!

✨ NEW LISTING ✨ by RRG agent @rockin_realestate_or!

$515,000

2 bedrooms | 2 bathrooms | 1,348 square feet

-Spacious layout, accessible design
-Pet-friendly
-Convenient location

Want to see more pictures and the floor plan? Check out the link in my bio or in stories!
Follow me @robbinsrealtygroup for the latest listings and real estate tips.
DM if you have any questions. 💚
...

16 0

Is it a struggle to find the right home while staying within a budget? I have some thoughts:

First, let go of the idea that the perfect home exists. Instead, focus on finding a home that ticks most of your boxes and has the potential to grow with you in the coming years.

Second: Prioritize your must-haves and make a list. This way, you can focus on what’s important and avoid getting sidetracked by non-essentials.

Must-haves might include things like:

·       A sufficient number of bedrooms and bathrooms

·       Adequate square footage

·       Safe neighborhood

·       Good school district

·       Reasonable commute to work or school

·       Access to public transportation

·       Outdoor space, such as a yard or balcony

·       Parking availability

·       Move-in ready condition

Wants are features like:

·       Updated kitchen and bathrooms

·       Open floor plan

·       Additional living spaces, such as a den or bonus room

·       Walk-in closets

·       Energy-efficient appliances or features

·       Smart home technology

·       Pool or other recreational amenities

·       Home office space

·       Architectural features, such as vaulted ceilings or bay windows

The biggest takeaway? Don’t be afraid to think outside the box. It’s okay to look at homes that require some work to hit your list of must-haves. With a little creativity, you may just be able to transform it into your dream home over time.

I have a lot of experience going through the process of determining needs vs. wants. I can help you make that list and then make it a reality.

Follow: @robbinsrealtygroup for more real estate tips, latest listings, and more. 💚
...

13 1

What is rightsizing?

It’s the right sized home for you, right now. There’s times you might need a bigger home in one season of your life but in a different season you have different needs. Are you in need of a RIGHTSIZING change in your current season of life? Send me a message. I’d love to chat with you about your real estate goals. 📲

Follow: @robbinsrealtygroup for more real estate tips, latest listings, and more. 💚
...

17 2

Have you been to Ranee`s on Main in Oregon city? It’s delicious any time of the day AND they serve their delicious breakfast dishes all day long. 🥚 🥓

This time I got the butternut squash and turkey sandwich, both were a home run. 👏🏻

Check Ranee`s out: 1003 Main St. in Oregon City. You won`t regret it!

What should I try the next time I`m there? 👩🏻‍🍳
...

27 4

At Robbins Realty Group, St. Patrick`s Day is our favorite holiday, for obvious reasons! 😉 💚

Happy St. Patrick`s Day! May the luck of Irish be with you! 🍀 🌈
...

10 2

FOLLOW US

Stay up to date on news and listings that are coming soon!