This is very important so please read and take note!
Your mortgage pre-approval was granted to you based on the amount of money you had at the time of the pre-approval. This is includes monies in your savings accounts, checking accounts, retirement accounts, etc.. The pre-approval 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- anything- between now and closing it could put your chances of being approved for your mortgage in jeopardy. YOUR LENDER PULLS YOUR CREDIT ONE MORE TIME THE DAY BEFORE CLOSING! Your purchases will be discovered, therefore, it is imperative that you spend as little money between now and your closing date as possible. 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 and please, I am begging you- DO NOT QUIT YOUR JOB! Many buyers think it won’t make a difference if they charge a couch, a new TV or switch jobs to a “better” employer. Here me when I say this: you are putting your loan in jeopardy and you could lose your earnest money deposit should you breach contract. PLEASE do not buy ANYTHING big until after closing. Relax and fight every urge you have to buy anything big. Once you’ve closed, go wild!
If in doubt as to whether a potential purchase will affect your ability to obtain a mortgage, please speak with your mortgage lender immediately. If you feel that switching jobs is an absolute must, call your loan officer immediately.
Questions? Call me at 615-977-8444 or email whereyoulivetn@gmail.com