Making Large Purchases on a New Loan
Making Large Purchases on a New Loan - Most home buyers are excited to buy furniture and other large purchases once they started the home-buying procedure. Although lenders would say each situation is different and will depend on the type of loan and the lender's policies, it is a common knowledge that anything that changes your debt-to-income ratio may risk your loan.
Aside from making large purchases on a credit card, other debt-to-income game changers include opening new lines of credit, making large withdrawals from bank accounts, making large cash deposits or change your current job status.
Even with your closing date is right around the corner, it is highly advisable to wait on making large purchases like buying furniture until after you’ve closed the sale of your new home. Or if there really is a need to make large purchases, consult your lender or a mortgage professional first.
For more tips in home-buying, you may reach Lora Reynolds of Indy Homes Realty Group on 317-496-6291 or lora@indyhomesrealtygroup.com.
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