Search Site
Splurging Before Your Closing Could Be Hazardous For Your Loan

If you have bought a home but haven’t yet gone to closing, do yourself a big favor and resist the temptation to get a jump on replacing those old appliances by purchasing them before closing and charging them on your credit card. Why you may ask since you have already been approved for the mortgage and the closing has been scheduled to take place in a few days? The reason is Fannie Mae’s new Loan Quality Initiative (LQI) rules which have resulted in lenders pulling last minute credit reports and additional verification of borrower information. If you racked up a big credit card bill before the closing, this last minute credit check could result in a closing delay, price adjustment of your interest rate, or even worse a rejection of your loan application.

So wait until after the closing to take that trip to Best Buy!

Leave a Reply

Your email address will not be published. Required fields are marked *

Client Reviews
  • "My name is Emilio. When I was buying my property, I hired Mr William J Reinhardt Jr as my Real Estate Attorney, it was one of the best decision I ever made because he did everything in his power to make sure my purchase was successful. For example, The utilities bills left over by the person who owned the property before me. I said thank you to Bill for not allow me to pay these costly bills." - 5.0 stars | Posted by Emilio Bien Aime | October 1, 2019

  • "Mr. William Reinhardt Jr. is my lawyer for many years. My family and I bought and sold properties with his help and were very satisfied. I recommend Mr. Reinhardt to anyone. I give him a 5-star review." - 5.0 stars | Posted by Diana | September 19, 2019

  • "My husband and I loved working with William. He was very professional, efficient and went above and beyond to help us. We would HIGHLY recommend." - 5.0 stars | Posted by Leeann | September 13, 2019

Contact us

Quick Contact Form