You may have found the perfect Chicago home. Loving the idea of the great schools, beautiful yard, nice neighbors and a simple commute, you decide it is also the perfect time to get a new car. STOP!
Don’t make any large purchases until your loan has closed. Doing so could cause you to lose your perfect Chicago home.
Often clients will get caught up in the excitement of a new home and rush to find appliances, vehicles, or furniture only to find that they no longer qualify for their home because their revolving debt ratio has increased. Watch your purchases and make sure you do not add to your debt until after your loan has funded.
Underwriters can only fund loans if those ratios remain the same or your debt is reduced. A large purchase could jeopardize the purchase of your home, as well as your home deposit. Exercise a little restraint and you will find yourself in your perfect Chicago home.