Discussion in 'Credit Talk' started by sports, Jun 25, 2001.

  1. sports

    sports New Member

    me and wife have been approved for loan. it has already been underwritten. we dont close until july 30 and we want to buy furniture for it (i.e., use credit to buy furniture) they say we should wait until we close because the loan officer said they are going to run my credit one more time - she wont say when. when can we buy.
  2. CF

    CF Active Member

    Wait until after your loan has funded. The last thing you want is to open a new account and have your debt ratio increase. At the very least you'll have to wait a couple of extra days while they wait for an underwriter to re-approve you. Save yourself the headache and wait.

  3. Hope

    Hope Well-Known Member


    I'm a Realtor and I could tell you horror stories (do a search on my posts last week).

    I know the temptation is strong, but DO NOT even enter into a furniture until AFTER the closing.

    And don't believe the sales people when they tell you "oh it won't show up on your credit report for months! This is a deferred payment plan."

    DON'T DO IT!
    DON'T DO IT!
    DON'T DO IT!
    DON'T DO IT!
    DON'T DO IT!
    DON'T DO IT!
    DON'T DO IT!
    DON'T DO IT!

    Did I mention... DON'T DO IT!
  4. dlo64

    dlo64 Well-Known Member

    Agreed with Hope.

    Another word of caution. Be very careful about purchasing items and putting them on a credit card when furnishing a new home. This can get you into trouble financially down the road. Many do this and get carried away, next thing you know they are up to their eyeballs in debt. Unless it is absolutely a necessity, I would watch how I spend my money (you have to pay for it anyway even if it's on credit) on furniture.
  5. Hope

    Hope Well-Known Member

    Well said.

    Also in the coming months after you close, each and every day you'll be literally bombarded with credit offers, furniture offers, loan offers, etc.

    There are lots of businesses who subscribe to lists that tell them when someone's bought a new home (the deed has to be recorded at the county court house).

    Statistics show that a homeowner will spend about 70% of their discretionary income for the entire year on things for the house within 6 months of closing.

    So everyone' fighting for your dollars.

    Also be aware of the "switch-o-rooney". Most consumers are very aware that mortgage brokers sell your loan sometime during the mortgage that we think nothing of getting a letter in the mail saying your mortgage has been sold...start sending your payments to..."

    Stop and read carefully. The law says you should get 2 of these letters if they are legitimate. Once from your current lender saying "Adios" and verifying the transfer of sevice. The other from the new servicers saying "welcome".

    When in doubt, call both of them!!

    I could go on but I've got to get some houses sold!
  6. sports

    sports New Member

    hey hope

    i read you are a real estate officer in dallas
    mywife and i are closing on a home in valley ranch
  7. Jim

    Jim Well-Known Member

    Just one more comment for when you are in the new home.

    In some cases, insurance agents get lists of new homeowners and their telephone numbers. Then a few of them attempt to sell you mortgage credit life insurance at exorbitant rates compared to regular term life insurance. I had one agent try to convince me years ago that he was representing the lender - what a lot of nonsense!

    Good luck - Jim
  8. Hope

    Hope Well-Known Member

    Yep, that's right.

    GEORGE Well-Known Member

    My real estate agent may have been OVERLY-CAUTIOUS...but he said "DON'T buy ANYTHING on credit until I had the keys in my hand"...

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