For the last 6 months I've been nervously going through the mortgage process while building a new home and after a lot of waiting and stress I'm excited because today I was cleared to close by my bank. We were originally scheduled to close tomorrow but there was a delay with the construction of our deck (long story) and now the closing has been pushed back until April 11th. The bank did a hard pull of my credit today, I was surprised because I've always been under the impression that they pull credit a day or two before closing. My LO said it was a normal part of the final underwriting process and that they will not pull it again, they only do employment verification the day before. So here is my question, I have furniture on hold awaiting final payment, I was planning on taking advantage of the store's no interest 12M same as cash promotional program. I was planning on waiting until we close to formally apply for the financing for fear that doing so before hand would kill my mortgage. But if they aren't going to pull my credit again is it ok to proceed? I can't schedule delivery until its paid so if I can get it taken care of now I can have delivered on the day we move in. Any advice would be appreciated.
Starting Score: FICO TU 503 FICO EX 470 FICO EQ 498
@ezdriver wrote:I recommend that you do not buy anything until you close on your house. I have a buyer client who is likely to lose the house we are building for him because he went out and bought new furniture and the payments pushed his dti beyond the limit. Now he is scrambling to pay off an auto loan to bring it back down. Forget about the convenience of jumping the gun on purchase of furniture and be patient until you close and have the keys to your home.
I know you're right. My DTI was under 30% even with the mortgage payment, no where near the limit and the furniture payment would have been $50 a month, the payment requirement is low and the plan was to pay it off in full at the end of the year. I was just hoping because my closing got pushed back to the 11th and I have to be out of my apartment on the 10th, originally I had a ton of cushion and didn't need to move immediately after closing, now I have to stay in a hotel for a night and move into a house that will be pretty empty for 5 days. I should have mentioned my husband is having major surgery 1000 miles away on the 10th and I can't even be there and it has made the closing process that much more complicated! I just need to remind myself this is an inconvenience not a problem. 
Don't buy the furniture. Enjoy the empty house for a few days. You have plenty of time to fill it up.
Is the reason you can't be there for the surgery because of the date of the closing? I would imagine you could move the closing if your husband is having surgery. Or, do you have anyone you trust who could attend the closing for you. I've done that for someone on the selling side with a power of attorney. I'm assuming you could do the same thing on the buying side, but others might know better.
Starting Score: ~500 (12/01/2008)
@Walt_K wrote:Don't buy the furniture. Enjoy the empty house for a few days. You have plenty of time to fill it up.
Is the reason you can't be there for the surgery because of the date of the closing? I would imagine you could move the closing if your husband is having surgery. Or, do you have anyone you trust who could attend the closing for you. I've done that for someone on the selling side with a power of attorney. I'm assuming you could do the same thing on the buying side, but others might know better.
My husband's surgury requires that he be out of town for 10 days for follow up and recovery, he chose to go to his old doctor for the surgury because he had too many bad experiences with the doctors in our local area, even if I wasn't closing on the 11th I still wouldn't be able to be there because I couldn't take that much time off from work. Someone needs to be here to handle not only the closing but the move and dealing with cable installation, blind installation, etc.. They are allowing him to have power of attorney for closing but at least one of us had to be there in person.
@DallasLoanGuy wrote:NO!!!!!!!!
find another store to match it.... that have TONS of margin to work with
this isn't small ball.... this is the majors....
LOL, not worried about them matching the deal, just didn't want to live by myself in a big empty house for 10 days after I close.
