Between the time your loan is approved and the date of your closing, any significant changes in your financial circumstances may impact your loan approval. If your closing occurs more than 30 days after your loan approval, the lender may order an additional credit report prior to the closing date. Changes in your financial circumstances, for example, the purchase of a new car or an increase in credit card debt, appear as new liabilities on your updated credit report. Such changes may cause your lender to reconsider your approval. For this reason, it's best to refrain from such purchases until after closing.
The process of building a home can seem overwhelming, especially to first-time homebuyers. If you ever have a question about the building process, please contact us for assistance.
