You made it to this point. You qualified for the preapproval and you’ve gotten an accepted offer on the home that you’ve been eyeing to purchase!
Just wait though…Hold off on making any preemptive home purchases for a little while longer…!
Your mortgage preapproval was granted to you based on the amount of money you had at the moment in time in your savings accounts, checking accounts, retirement accounts, etc. and was based on the amount of debt you had at the time (car payments, student loans, your current mortgage if you already own a home, etc).
If you go out and buy a TV, a new car, new furniture, etc. between now and closing it could put your chances of being approved for your mortgage in jeopardy AS THE LENDER PULLS YOUR CREDIT ONE MORE TIME THE DAY BEFORE CLOSING. Therefore, it is imperative that you spend as little money between now and your closing date as possible. In addition, be sure to pay all of your monthly bills on time going forward, don’t open or close any credit cards, don’t take extravagant vacations, etc. Often buyers think it won’t make a difference if they buy a couch, new TV, and charge it to their credit card, but it very well could put your loan in jeopardy. So please do not buy ANYTHING extraordinary until after closing.
If in doubt as to whether a potential purchase will affect your ability to obtain a mortgage, please speak with your mortgage lender.