Many purchasers of property seem to be unaware, and I sometimes forget to mention, that it is not a good idea to make a large purchase, such as the purchase of a car, truck or other vehicle, or expensive appliances, while trying to buy a property with a loan. The reason is this will change your credit picture.

Your lender will usually check your credit when you first apply for a loan. Be aware that your lender may again check your credit closer to the end of your escrow period to make sure everything is as it was when you first applied for the loan. A large purchase could negatively impact your debt to income ratio, to the point where a loan you qualifed for when you first applied for a loan, is no longer a loan for which you qualify.

This is not always the case. Depending on your situation, you might still qualify for that loan. Learn about down payment assistance in New Mexico – OnQFinancial. However, isn’t it better to be safe rather than sorry? I would suggest buyers be very cautious before making a larger purchase in addition to the property you are trying to buy. You want your loan process to go as smoothly as possible without unexpected surprises or problems, especially since you have a lot invested into the purchase, such as cost of appraisal, inspection, deposits and your emotional attachment and time invested in the process.

It’s a sound idea to start with purchasing a house. Consider Sea Pines real estate – best homes, villas, and lots for sale | the Pattisall Group as an option. Make things easy on yourself and wait until your home purchase closes before making that large purchase of a car, or appliances or other large purchase that could affect your credit score and debt to income ratio. Make sure that you get one of the best property managers out there to help you pick the right property, You can click here to read more about US Florida Property Management and help yourself get a better property.