This serves as a great reminder of what you can do to your transaction during the holidays or any time for that matter. I actually did have this happen to a client even after I had warned him to wait on buying all that new furniture for the home he was purchasing. His loan approval went bye bye.
This is part of an ongoing series about “Things That Can Make Your Las Vegas Financed Home Purchase *Blow Up* in the Middle of a Transaction.”
My ultimate goal in this series is to make Las Vegas Home Buyers aware of the challenges of a specific home’s eligibility for financing.
Congratulations! Your lender just approved you to purchase a Las Vegas area home by looking at your check stubs, debt to income ratio and you are now approved to purchase a Las Vegas area home!
You go through the process of looking for a home, get a contract accepted and have your inspections and appraisal done.
AND THEN YOU GO OUT & buy a car or blow up your credit card buying furniture, appliances and Christmas gifts.
Houston – we have a problem!! It doesn’t matter if you purchase these items with cash or credit. You want to speak with your trusted mortgage professional who is working on your loan before you spend ANY money before a real estate transaction closes!
Here are the reasons:
- Reserves: you are required to have a certain amount of reserves for your home purchase. If you spend those verified reserves BEFORE you close, you may no longer qualify for your mortgage.
- Debt to Income Ratio: If you purchase items with credit (car, appliances, furniture, an insane amount of Christmas gifts) you could hurt your debt to income ratio. Again, you may no longer qualify for your mortgage.
The moral of the story is: PLAY IT SAFE if you are purchasing a home during the holiday season and always speak to your lender before spending money!
Courtney Cooper
Seattle Realtor, Owner/Designated Broker/EcoBroker
Cooper Jacobs Real Estate
206-850-8841
(Seattle real estate - search all MLS listings from all companies for FREE), SeattleAfloat.com (Seattle Houseboats), GreenLakeLoop.com (Green Lake Blog), QueenAnneBoulevard.com (Queen Anne Blog), MagnoliaView.com (Magnolia Neighborhood Blog)
About Me:
Seattle real estate has been a big part of my life for well over a decade since I began my career in real estate,but also before that time when I was in the process of purchasing my own first home. Buying your first home can be quite overwhelming,but I have managed to help many first time home buyers along the way.
Move up Seattle buyers and other types of specialized purchasing is a great passion of mine! I love Seattle houseboats and you can find me down on the docks of Lake Union and Portage Bay several times a week. Other aspects of Seattle real estate that I adore include Queen Anne Real Estate,Wallingford Real Estate, Ballard Real Estate, Green Lake Real Estate, Laurelhurst Real Estate, Magnolia Real Estate,andSeattle Waterfront Real Estate.
In addition to being a Seattle residential broker and founder of Cooper Jacobs & Seattle Afloat, I am also a member of CBA (Commercial Brokers Association) and head of the Cooper Jacobs Commercial Division in an effort to provide excellent commercial real estate services to the Seattle commercial real estate industry. With a background in accounting and management, it is my great pleasure to coordinate our Seattle commercial brokers.
About Cooper Jacobs Real Estate's Seattle Branch:
My office at Cooper Jacobs Real Estate LLC is located centrally near all my favorite Puget Sound neighborhoods just a few blocks up from Lake Union in Seattle’s Wallingford. Cooper Jacobs Real Estate is a wonderful place filled with talented Seattle real estate brokers and I count myself extremely lucky that I get to spend so much time with these wonderful people. We specialize in different Seattle neighborhoods and suburbs in both residential and commercial real estate and are all very passionate and excited about each of our favorite Seattle neighborhoods and industries!
©Courtney Cooper ©Cooper Jacobs Real Estate LLC
