Buying a Home 101: Other Purchases

So, you have your pre-approval from a lender, stating that you can afford X amount, with a certain loan type for a certain term. However, the approval process does not end there…just because you are pre-approved doesn’t always mean that you are all set.

Do you know…

employment and credit is always checked again by your lender just days before closing, before issuing a clear to close and other purchases such as a car, boat, appliances or other large-ticket items can hurt your chances of obtaining the approval? Make sure you continue to pay all your bills, do not change employers and definitely do not purchase large ticket items when you are trying to purchase a home. Why risk losing your home because you appear to be over-extending yourself financially?