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How many credit checks before closing


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9 replies to this topic

#1 lostperson

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Posted 16 March 2018 - 09:03 PM

Hello everyone,

 

So we are currently under contract and scheduled to close on 3/26.  As of now the lender pulled our credit for pre-approval back in early December and again on soft pull on 3/12 when our loan came back from underwriter as approved.  Will they likely be pulling it again before closing or will this be it? 

 

Thanks!





#2 tiggerlgh

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Posted 17 March 2018 - 11:07 AM

It’s very possible they will pull again right before the loan is funded. YMMV but I wouldn’t do anything until the loan is funded (will be after all the paperwork is signed).

#3 lostperson

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Posted 17 March 2018 - 08:14 PM

We are looking to finance some appliances as well as furniture.  Since we are located in Maine which is wet funding state will it be safe to do this right after closing or should we wait?



#4 coachtom2183

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Posted 18 March 2018 - 05:59 AM

Back when I closed on my house. I applied for furniture credit same day after closing no problem.



#5 nosup4u

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Posted 18 March 2018 - 10:04 PM

you should wait until after closing 



#6 cv91915

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Posted 19 March 2018 - 06:58 PM

Don't go nuts financing new appliances and furniture.

 

Are these purchases absolutely essential?  Why can't they wait until you've saved the money for the items you can't live without?



#7 lostperson

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Posted 19 March 2018 - 07:14 PM

Don't go nuts financing new appliances and furniture.

 

Are these purchases absolutely essential?  Why can't they wait until you've saved the money for the items you can't live without?

I hardly think that purchasing a new couch and washer/dryer qualify anyone as going "nuts" but in either way no those purchases cannot wait.  We have enough cash to pay for it in full but given some of the interest free offers I would rather use that while I sit on my savings. 



#8 nosup4u

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Posted 19 March 2018 - 10:34 PM

then wait till after you close that's the most important thing if lender runs your credit again and they find xyz of purchases on there then your DTI goes up and you could lose the loan so its pretty simple wait till after closing 



#9 cv91915

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Posted 20 March 2018 - 07:56 AM

 

Don't go nuts financing new appliances and furniture.

 

Are these purchases absolutely essential?  Why can't they wait until you've saved the money for the items you can't live without?

 

I hardly think that purchasing a new couch and washer/dryer qualify anyone as going "nuts" but in either way no those purchases cannot wait.  We have enough cash to pay for it in full but given some of the interest free offers I would rather use that while I sit on my savings. 

 

I didn't state that you were going nuts, it was just a general recommendation.

 

Depending on the length of the finance offers you could be even further ahead putting the purchase on a 2%+ cash back card (or getting travel points) and then paying the card in full.

 

When we furnished our current home we put everything on our Amex SPG, PIF every month, and used the points toward 5 nights at the Le Meridien in Barcelona.  

 

If you currently have a working washer/dryer you'd be even further ahead just continuing to use it.  

 

Same with furniture.  I've never had to make an emergency sofa purchase...  although if you are moving out of your parents' house with nothing, I suppose you'd need something to sit on.


Edited by cv91915, 20 March 2018 - 07:56 AM.


#10 hansmoleman83

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Posted 14 April 2018 - 07:08 AM

Speaking with someone who just just bought a home I asked the same question. At least with his bank they pulled it twice once initially and one right before closing.






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