Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
"no big purchases until after closing"
was very annoying to hear. DH and I went to home depot yesterday and got a whole new kitchen planned out, which I was going to purchase after this week since our mortgage commitment letter is due no later then Saturday.
Our realtor tells me that we shouldn't make any big purchases until after our closing since they look at finances up until that date. Well of course the home depot sale that we want on new appliances & kitchen cabinets is only until 4/8 and our closing isn't until 4/20.
Annoyed!!
Re: "no big purchases until after closing"
I think most often, they are talking about new financing, anything that will impact your credit score. Talk to someone at HD and explain your situation and see if they can extend the deal until after you close. It can't hurt to ask.
FWIW, I would not risk an expenditure like this until after you are cleared to close. Do you have the cash for this project?
Oh and we did have to show proof of one large expenditure...our roof for the house we sold. We had an insurance check go in and one go out for the same amount, but they still wanted proof of what it was.
I would not risk it to pay for a new kitchen either by credit or cash. I believe mortgage company checks credit till closing. They might even check asset balance for the bank accounts that you listed on the application.
Our commitment letter included some conditions on it: no change in employment, credit ....
I wouldn't spend big money or get new credit.
They are going to look at your banking accounts because they want to see reserves in the accounts - meaning exta money for the bills. I think the average is 6 months.
Home depot has kitchen sales every month it seems. I'd just wait. Or see if you can put a small deposit down to hold the price until after closing.
Do not open any new lines of credit, make purchases on existing lines of credit, or spend a huge of cash anywhere.
Our realtor told us not to buy new furniture, credit line or cash, until after closing. She has had clients lose their financing because they went and bought new furniture before closing. We took her seriously and bought, kid you not, NOTHING except groceries and necessities before we closed.
I would definitely talk to your home depot and see if they can extend the sale for you with no money down. If not, they honestly have sales like that all the time, I would wait. I would not risk losing my financing!
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Your bank balance should be as stable as possible (they need to see you have a certain $$ left after closing) and you shouldn't take out any new financing. Your debt to income ratio needs to stay the same, so you don't want to add to credit card balances. They run your credit right before your close to make sure nothing has changed.
It might be better to shop around more - I've heard that HD overprices their cabinets and that local stores tend to have much better deals. I've also been told by someone at HD that their best deals on cabinets are in September.
Ditto that. Our local kitchen store matched sale price of HD.
"Do not open any new lines of credit, make purchases on existing lines of credit, or spend a huge of cash anywhere.
Our realtor told us not to buy new furniture, credit line or cash, until after closing. She has had clients lose their financing because they went and bought new furniture before closing. We took her seriously and bought, kid you not, NOTHING except groceries and necessities before we closed.
I would definitely talk to your home depot and see if they can extend the sale for you with no money down. If not, they honestly have sales like that all the time, I would wait. I would not risk losing my financing!"
This!!
I agree with this! Our closing date was February 9th. We are still not in the house. Yes our case is very rare but things happen. We are closing today! Finally!
This is exactly what I was going to say.
It's not your house until you have the keys in hand.
Right now, you're buying a custom kitchen for the current owners. They'll thank you tremendously if the sale falls through... which it can until the keys are exchanged.
My dad was selling his house about 5 years ago. It was under contract, the contents of the house were sold (he was buying all new stuff for the new house), inspection and appraisal were done... just waiting for the close date. He pulled out of the sale a week before closing because he was rushed in for open-heart surgery. The buyers were out of luck, out of any money they spent for the house (aside from the earnest money, inspection and appraisal costs which he refunded to them) and out of a house.
So, yeah... that's why you never buy custom finishes for a house you don't physically own. The buyers aren't the only people who can ruin a real estate deal.
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Ladies who have been there: what qualifies as a big purchase? Like if I spend $200 on my H's birthday present is that a big purchase? To me, no, but I'm curious if it would have been to your banks. Because I planned to buy him a nice toolset for the future house, and it would probably be around that.
I'm going to our bank tomorrow to submit the additional documents for final approval, so I'm sure I will find out then, but I wondered what is normal.
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Ahhhh, ok. I guess it makes sense if you are putting a bunch of stuff on a credit card. I was just planning on taking money for the present out of our day to day money in the checking account. We have a down payment and also an emergency fund, separate from our day to day activities money. I think we should be ok, but I'm glad to know so I can ask questions tomorrow. I'm not planning on buying anything crazy expensive or anything big for the house until we close.
This, exactly, 10 times over.
We were in (what we thought was) a very stable contract. Less than 5 days before closing, the deal fell through because of the sellers. Luckily, we did not have a new kitchen waiting to be delivered, but we did end up homeless for 6 weeks. But, I digress...
Why would you want to risk your funding? If your lender said no big purchases, then no big purchases.
You're playing with fire, in more ways than one.
Personally, I wouldn't risk it.
You only have to control your impulses for 60 days. Pay your bills on time. Don't make any abnormal purchases. Don't open or close any credit, unless you were on schedule to do so (like if you had one car payment left and it was due during those 60 days, obvs. pay it). Don't make any odd deposits.
Once those 60 days are over and you have the keys, go buck wild if you want to. Charge the schit out of your credit cards and drain your savings. Design a brand new kitchen, gut the bathrooms, and lay down all new floors. No one can stop you.
But restrain yourself for 60 days.
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I don't think the expenditure would be an issue...but do you want one more thing to move? I would give him a gift card or an IOU for the tool set so you don't have to move it! Also, my H is really picky about his tools (I can thank my dad for that, he somehow passed his tool snobbery on to my h!), so I'd rather he picked them out himself anyway
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