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So I have a contract! I need furniture for my new house before I move in. What about me buying furniture on the deal "90 days same as cash"?
Answers for Buyers
Don't Make Another Major Purchase!
You've just found
out your credit is A+. So you've decided a new car would look fantastic
in the driveway of your new home or furniture is needed in those empty rooms. If you're paying cash for the home go
right ahead. But if you are depending on a mortgage to move in you'd
best wait until after closing.
An
increase in your debt/income ratio reduces the amount of monthly income
available for your mortgage payment. The bank may decide you cannot
afford the home. Keep in mind that using cash for a purchase can be a
problem too, since banks consider cash reserves when approving a loan.
If you must make a major purchase before closing, talk to your loan officer before you do it.
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