Step 12: NO BIG PURCHASES
No Big Purchases (or employment changes!)
Your lender based your preapproval on the amount of money you had at the time of your preapproval in your savings, checking, and retirement accounts, and was based on the amount of debt you had at the time.
If you open new credit lines, or go out and buy large purchases be aware that this could put our mortgage approval in jeopardy. The lender will pull your credit one more time the day before closing. It is so important to continue to be mindful of the money you spend before your closing date. Also, make sure you are paying ALL your bills ON TIME!
If you miss payments, open credit cards, co-sign for loans, make large purchases, or change employment, it can affect your debt-to-income ratio and you may not be able to qualify for your mortgage.
If you are not sure whether a purchase could put you over the edge, please discuss with your lender!
Empowering clients to build and preserve wealth through real estate.
Ready to connect? Reach out! I look forward to helping you on this journey!
Monique Hanson is a REALTOR® serving the greater West Michigan area. Monique helps people buy and sell homes in Kent, Muskegon, and Ottawa Counties. You can contact Monique by calling or texting 616-805-9177 or emailing hello@moniquehanson.com.