You have pre-qualified for a loan. You found the house you wanted. The contract is signed and the closing is in 45 days. Don't celebrate by financing another big purchase.
Is your credit mortgage-ready?
Why to keep the wallet shut
Lenders pull credit reports before the closing to make sure the borrower's financial situation has not changed since the loan was approved. Any new loans on your credit report can jeopardize the closing. Buyers, especially 1st-timers, often learn this lesson the hard way.
They sign the contract and they want to go buy new furniture for the house or a new car. I remember one case where just before closing, the buyer drove to the office and said, 'Look at my brand-new car.' I told them, 'You'd better go back to that dealership.'"
Luckily, the dealership agreed to wait a couple of days to report the loan to the credit bureaus. Otherwise, it could have killed the deal.
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