Denied for Home Loan?
Getting approved for a home loan | What many buyers don't know & how you to prevent getting DENIED
Yes, you can get DENIED from your lender right before closing on your home. Luckily, this has never happened to one of my clients because I always give them the same advice I am sharing in this video. If you'd prefer to read, the transcript can be found below the video.
Greetings. How would you like to be days away from closing on a home then find out that you didn’t get approved for the loan because you just bought a refrigerator for the new home? Yes, it happens. Fortunately, I’ve never this happen to a client, but I tell with them what I’m about to share with you. Your lender will run a final credit check right before closing. If your credit situation changed to the point that you are no longer qualified, the loan is denied and you don’t get to buy the home. Now, many people can buy appliances, open a new credit card, or even finance a car without it impacting their ability to buy a home. But, once you are under contract to buy a home, you must talk to your lender before you do anything that impacts your credit situation. If they give you the thumbs up, then by all means move forward with the purchase. But for some buyers, you’ll need to wait until after closing to take care of those purchases. I’m Craig Smyser with 1835 Realty.