You are all grown up, you brush your teeth, go to work and even vote on occasion. It is high time that you bough a Kenai home. You visited your lender and have found the perfect house. Before you know it the offer is accepted and the inspection, appraisal and title are complete. All that is left is the close! What could go wrong now???
This is where the scary part comes in. You and the wife are out looking at all that great furniture to fill the empty spaces in your new Kenai home. What will it hurt if you borrow $5,000-$10,000? You can handle the monthly payment no problem. Since your all grown up you need a grown up truck to go with the grown up furniture.
No problem right! BIG PROBLEM! High dollar purchases can change your debt-to-income ratio, this could place you in the position of not qualifying. The Lenders have a clause in their approval letter that states that any material changes to your financial condition, i.e. new debt, will require you to reapply for the loan. Any major purchase like a truck, in-store financing or credit card purchase can cost you your approval. Yep! This truly did happen…. The lenders will pull your credit report again before closing and double check your entire loan package.
Then there was the buyer who said to the closer “look out in the parking lot. How do you like my new RV? It is going to go great with the house!” Needless to say the closing came to a sudden stop until lender could re-qualify the loan package.
