Step Away From The Credit Cards….
May 6, 2009 · Print This Article
Before buying real estate in Charlotte NC, put the credit cards away. Lock them up, freeze them, whatever it takes to remove the temptation to use them before buying a home in Charlotte NC.
It can be tempting once you’ve found a great house to be dazzled by the idea of new furniture and appliances. Don’t let that tempt you!!!! In the time between going under contract and actually closing on that home in Charlotte NC it’s more critical than ever to not make ANY large purchases.
Adding any additional debt (or depleting your asset reserves) can have some pretty nasty consequences for you the buyer when it comes to your mortgage approval. Going out and making major purchases before closing on that real estate in Charlotte NC can actually put your mortgage approval in jeopardy. Don’t risk it!!!!!
Until the time your mortgage is actually funded, the deed’s recorded and you are the official proud owner of that home in Charlotte NC, there’s never a 100% guarantee that contract will close. Ever.
It doesn’t matter if you have the cash to cover any pre-closing purchase or get a 0% financing offer - depleting any of your assets/resources or adding any additional debt can torpedo your mortgage approval and in turn lead to a failed real estate contract instead of a successful one.
So really, please step away from those credit cards and by all means research any appliances/home needs you’re going to have for your Charlotte NC home. Research, plan, save and budget but don’t purchase till you’ve closed on that real estate in Charlotte NC.
Are there exceptions to this rule? Sure, but when it comes to the contract to closing period with real estate in Charlotte NC, it’s best to stay on the side of caution and care ESPECIALLY for first time Charlotte NC home buyers.
Related Articles: Before Buying Real Estate “Should- Do” List
Opportunities and Challenges With Real Estate in Charlotte NC
Staying Within Your Means When Buying Real Estate in Charlotte NC
How to Eliminate Debt Before Buying a Home in Charlotte NC
Copyright©2009 by Diane McDermott, All Rights Reserved, “Step Away From The Credit Cards…”
Hi Diane,
Great subject and read. This is something I can refer my buyers to read.