Mortgage Loans

[glendazamot]

Hello forum ppl! 

I am currently under contract on a home!  I am looking into buying around 3k work of appliances and want to take out some type of credit to pay for at least half.  I was thinking about a Lowe's card or Sears but I'm kind of concern with the interest that will be charged.  I currently only have a capital one card for 400$ (0 balance) and I'm an authorized user on my mom's Walmart's credit card 2500.00 (350.00 balance).  Would you guys recomment applying for a store card ??

[Mike_B03]

Do not apply for anything if you have not closed yet, it will affect your credit score plus what if something happens and you don't close? 

Once you close, then you can go shop, most of these stores have next day delivery so it shouldn't cause a problem.

[tooleman694]

This is the hardest part

[foofighter74]

No reason to buy anything until you've closed.  Most places can deliver in a day or so.  You can apply for a store card, pick out your appliances, and arrange for their delivery in just a couple hours.  No reason to do anything far in advance unless you can pay cash and you're not spending money needed to close.

[NJQT]

Yea please don't apply for anything until after like the other poster said. It can change your credit, DTI and your whole loan application. It's better to wait.

[tooleman694]

If they have it in stock. I actually have cash in hand, dont need credit to buy stuff and im scared to do it lol

[jkwheaton78]

I am in the same situation, however I am too worried to touch any of my money and make big purchases right now.  I'm too worried they are going to ask for updated bank statements or something and wonder why i'm blowing through all of my money.

[MovingForward_2012]

Yeah, you're under contract so NO APPING AT ALL!

After you close AND AFTER the loan is funded, try Best Buy. They offer 0% APR for 24 months on purchases over $599 and you get 2% back in rewards.

But please, do not jump the gun. You do not want to get denied right before closing. Many people have from doing similar things that you stated you wanted to do. Wait! It is not worth losing the home for. And I am dead serious. You do not want to app for anything while in underwriting.

[fishbjc]

don't buy anything from lowes or home depot without their 10% coupon!  You can usually get them on their site for new homebuyers or eBay (the bay of evil).  I bought one for $10 and saved me $200 when I built the deck. 

Sears...check out their scratch and dent....can save you about 60%. 

[butterflyblu]

I love Home Depot.  I have purchased a ton from them via the Home Depot credit card due to some remodeling.  I have had it about 15 months.  I called twice for credit limit increases and they are extremely generous in the amount they give.