If you’re buying a home for sale in Lake City, you need to know that there are a few things you can do to derail the whole deal – and one of them is making a big purchase right before you close on the home.
Why You Should Never Make a Big Purchase Before You Close on a Home
When you’re in the process of buying a new house, your lender is scrutinizing your credit history and making sure that your financial picture doesn’t have any secret surprises.
But if you change things up by making a big purchase, your lender will have to reevaluate your entire financial picture (and start from scratch). You might not still qualify for the terms and rates your lender originally offered you, which can spell disaster for your purchase.
Don’t think they won’t know, either. Underwriters check your credit shortly before you close on a mortgage loan just to make sure you still qualify.
It doesn’t have to be a car or anything big, either – even something as small as a new refrigerator that you’ve purchased with credit can derail the whole deal.
The moral of the story: Don’t make any big purchases until after you close. That fridge can wait!
Are You Moving to Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
In the meantime, check out the most popular Lake City home searches by exploring the links below.
- Water Front Residential
- Water Front Land
- Bank Owned & Foreclosures
- Short Sales
- Paved Road Frontage
- Non-Deed-Restricted Land
- Wooded Oak Tree Land
- Land for Land Home Combo