Closing in a Month....

[SupaModel87]

Hi

So I'm closing on my first home a week before Christmas but I still would like to get TVs but I plan on purchasing them with cash/debit card. I just want to know is it okay? I'm trying to be very careful with my finances until I close. I also have to furnish a whole house and I would like to have all my purchases at least mapped out to the point where day of closing or after I close I know what I want, pay for it and have it delivered. I usually put money up in my savings but the last month or so I've just kept it in my checking account so when the time comes I can just buy what I need to buy. So in a nutshell are cash purchases okay and how soon after closing can I use a credit card?

[kc0039]

Cash/Debit purchases are okay as long as you can show you have enough funds for closing. See the Loan Estimate that you signed? Look at the cash to close number. That's the ESTIMATED amount. It'll be higher, but it's a safe number for the lender. If your funds go below that amount, then an underwriter will look at that and ask how you can buy a home with not enough funds for closing.

[homeloanexpert]

I strongly encourage you not make any large purchases without consulting with your Loan Officer first. I don't know the specifics of your loan type, down payment requirement or underwriter conditions. For example, you may be required to a minimum amount in reserves.

You should consider your LO like your Preacher. Tell them everything, keep no secrets. I can't tell how many times over the years people have made purchases before closing and didn't tell me. Causing delays or even implosion of their deal.

Best wishes to you!