Risks that can Jeopardize your Home Purchase
By Regina P. Brown, M.B.A., Broker, Instructor
(MBA Broker Consultants)
Do NOT purchase an automobile or make any other major purchases on credit.When you apply for credit before your loan is funded, you risk your loan being denied and therefore jeopardize your home purchase. Remember, the lender is going to pull your credit again shortly before closing, and examine it to verify if it is still the same as when you initially applied for your loan.I once had a friend who was so excited to buy her first home. I was helping her with the purchase and giving her guidance on the home-buying process. The day before escrow was scheduled to close, I got a call from the escrow officer. “Nina’s loan has been withdrawn by the lender so we’re not closing tomorrow.” What? That was just plain crazy.I called the lender to yell at him. What was up? I wanted to know. ...
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