My wife asked me to submit this question: We are closing on a house tomorrow in Oklahoma City. My wife makes a significant amount more than I make, and her credit is good. We are moving to a house with no refrigerator, since we are selling the one that we have with the house we're currently selling. We are planning on purchasing a new fridge at Lowes on our Lowes TL, and we're curious as to if this purchase (about a grand) will negatively affect the closing of the house on Friday. We plan on making the purchase Friday morning, and closing Friday evening at 4pm. Any immediate input would be awesome, as we don't want to jeopardize the house. Thanks folks, Antelope
It shouldn't make any difference either way because the credit bureaus won't be likely to update that fast but just for safety sake I'd suggest doing the mortgage first and the fridge after that. The mortgage closing is more important than the fridge purchase anyway. If you get turned down for the fridge that will be much better than getting turned down for the mortgage because of the fridge purchase. Hope you are not getting an ARM type mortgage. Also check to see if you are getting hung into a non-judicial foreclosure type of mortgage. Either one can really kill you. The arm can easily double your payments quickly and you sure don't want that and if you are getting a non-judicial foreclosure mortgage you can get foreclosed on because you can't make those constantly increasing payments. With a non-judicial they can just about come and throw you out anytime they want to for all practical purposes and there is little you can do about it. Also, if just one of you can sign and not the other then do that because if only one of you is tied to the note and they ever foreclose on you and name both of you as defendants you have a much better chance of fighting the judgment. There are many other reasons as well. It is even better if both of you sign the mortgage but only one of you sign the note.
