Profile picture for ycnim

I close on a new house in one week. Everyone says not to make any big purchases...

If I have the cash, can't I buy a table or lawn furniture if I see it? I do not plan to use a credit card at all. Thoughts?
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June 05 2011 - Nashville
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Answers (7)

Shawn,
Digging up months old questions, and then half-a$$ed answering them, will not win you any regard on the Zillow forums. Wait for new questions to half-a$$ answer. Read them first.
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December 03 2011
NOONE can close on a house in one week and still do all the things you should be doing when purchasing a home (title work, survey, inspections, etc.) It is simply impossible - even on a cash deal. It's not worth it to buy anything in one week with doing those things.
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December 03 2011
Great answers! They are alll correct.
I would definetly close first then look to spend on furniture etc. Lenders are tough nowadays so you dont want them to have any excuse to cancel your loan.

Congrats!
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June 05 2011
It's hard to believe, but your lender really will double-check all of your finances before releasing the funds to close your purchase.  Anytime prior to closing, they may ask for updated statements showing your current bank account and credit card balances, as well as reverify your employment statuses.  Good luck, and enjoy your new home!
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June 05 2011
Profile picture for sunnyview
No big purchases. No furniture, no new credit charges of significant size. If you can't help yourself, borrrow the money from a friend now and pay them back after you close.

Many people get excited about buying and start getting things for the house just to fail their final loan review. Resist the urge.
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June 05 2011
ycnim,

Only you can make the final decision.  But always use the "advice and council" of the best professionals you can find.  Good Luck!

Capt. Shawn
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June 05 2011
Profile picture for wetdawgs
Within a day or two of closing, the lender will recheck your finances.   Therefore, if you already have your cash under the mattress so they haven't counted it, you are fine.  Otherwise, be conservative.
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June 05 2011
 
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