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Mortgage question

C

Codewiz

Diamond Member
I would call my loan officer but she is out of town today. So I have a general question.

I close on my house on the 14th of this month. I have filled out all the paperwork and everything is in order. I was of course told not to acquire anymore debt prior to closing. I have actually paid off about 2K of debt since I was approved for my loan.

I need to buy some appliances and I would like to apply for a best buy or sears credit card. Would applying for these cards before I close on my house throw up a flag and cause a problem with closing?

They wouldn't be used until the afternoon after closing. I just want to save as much time as possible. I have a lot of work to do so I don't want to sit in stores the day I close applying for credit cards. I would also rather not have my mortgage show up on my credit report until after I have my store credit cards.
 
It probably wouldn't impact anything, but you still shouldn't do this. Wait until after you close. You certainly can survive in your new place for a week or two without having to go on an appliance buying shoping spree. If you honestly don't think you can, then you are sorely unprepared for the realities of owning a home. 🙂
 
Do not do anything until you close. Under writers are dirty dogs, they will find anyway to delay the process.
 
Originally posted by: flot
It probably wouldn't impact anything, but you still shouldn't do this. Wait until after you close. You certainly can survive in your new place for a week or two without having to go on an appliance buying shoping spree. If you honestly don't think you can, then you are sorely unprepared for the realities of owning a home. 🙂
Click to expand...

Umm first home, no refridgerator. We need a washer and a fridge.
 
Originally posted by: SuRgEoN
Do not do anything until you close. Under writers are dirty dogs, they will find anyway to delay the process.
Click to expand...

That is exactly what I don't want 🙂 My lock runs out two days after I close so if it gets delayed I will be pissed. I will just wait.
 
Originally posted by: Codewiz
Originally posted by: flot
It probably wouldn't impact anything, but you still shouldn't do this. Wait until after you close. You certainly can survive in your new place for a week or two without having to go on an appliance buying shoping spree. If you honestly don't think you can, then you are sorely unprepared for the realities of owning a home. 🙂
Click to expand...

Umm first home, no refridgerator. We need a washer and a fridge.
Click to expand...

You should still be able to shop and get your deal squared away then as soon as you close go get the credit line if you need it and buy the appliances.

many places will give you a 10-15% discount if you are buying 3 or more appliances plus free delivery and removal of old appliances if applicable.

 
If you've been approved already then its no problem. It wouldn't impact anything. They would've pulled your credit score already anyway and applying for a couple of cards won't lower your credit score to the point where they'll deny you credit unless your score was 620 only.
 
There really is no use in getting a card until the day you buy your stuff. Both Sears and Best Buy will approve you on the spot and then allow you to use that line of credit immediately.

 
Originally posted by: Pakky
Wait!! You can survive w/o a fridge/washer for a while if you have to.

-Pak
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And why would I want to??? I prefer to cook instead of paying $35/meal(wife and I). I prefer to wash my own clothes instead of paying $5 to wash them.
 
Originally posted by: DougK62
There really is no use in getting a card until the day you buy your stuff. Both Sears and Best Buy will approve you on the spot and then allow you to use that line of credit immediately.
Click to expand...

 
Originally posted by: DougK62
There really is no use in getting a card until the day you buy your stuff. Both Sears and Best Buy will approve you on the spot and then allow you to use that line of credit immediately.
Click to expand...

I know that. I just HATE to think about the amount of time it is going to take. Remember I will be heading to these stores most likely the weekend immediately prior to Christmas. It will be a total nightmare. Sears will definately be easier but I think we like the fridge at Best Buy better.

Anything that could have saved me time would have been great 🙂
 
Originally posted by: Yax
If you've been approved already then its no problem. It wouldn't impact anything.
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Umm, wrong. Some lenders will do one last credit check the day the loan is signed just to make sure you haven't done anything stupid recently.

 
Originally posted by: Codewiz
Originally posted by: Pakky
Wait!! You can survive w/o a fridge/washer for a while if you have to.

-Pak
Click to expand...

And why would I want to??? I prefer to cook instead of paying $35/meal(wife and I). I prefer to wash my own clothes instead of paying $5 to wash them.
Click to expand...

You got quite an expensive taste. $35 per meal for two?
 
Originally posted by: Digobick
Originally posted by: Yax
If you've been approved already then its no problem. It wouldn't impact anything.
Click to expand...
Umm, wrong. Some lenders will do one last credit check the day the loan is signed just to make sure you haven't done anything stupid recently.
Click to expand...

yeah, your credit score is like a snapshot at any given time... so be careful! I would wait... a house is much more important than appliances
 
Originally posted by: Codewiz
I would also rather not have my mortgage show up on my credit report until after I have my store credit cards.
Click to expand...

I don't believe this will be an issue as the mortgage likely wouldn't show up in the credit report until January.
 
Originally posted by: kt
Originally posted by: Codewiz
Originally posted by: Pakky
Wait!! You can survive w/o a fridge/washer for a while if you have to.

-Pak
Click to expand...

And why would I want to??? I prefer to cook instead of paying $35/meal(wife and I). I prefer to wash my own clothes instead of paying $5 to wash them.
Click to expand...

You got quite an expensive taste. $35 per meal for two?
Click to expand...

I live in Charleston, SC. It isn't cheap down here. Yeah if I want to eat fast food every night then I can get away with $10.

Otherwise a decent meal is around $13-16/person.
 
Your loan officer told you not to acquire any more debt prior to closing for a reason. IIRC, South Carolina is a non-escrow "wet funding" state, which means that your purchase will finalize the same day you sign the documents. So you could go straight from closing to the store to buy your appliances. So do that and wait.
 
" Your loan officer told you not to acquire any more debt prior to closing for a reaso"

Just FYI, getting credit is not the same as acquiring debt.
 
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