When purchasing a home, there are important things that every buyer should do. In the final part of our series, we’ll discuss a very important thing you should definitely remember.

Don’t make big purchases after signing.

After speaking with a lender, so many people want to go out and buy new furniture, new appliances, or other big-ticket items. And at these stores are salespeople—salespeople who only care about selling you their product, not about making sure whether you get your house or not.

“If they make an inquiry on your credit, your lender will see that inquiry.”

If they make an inquiry on your credit, your lender will see that inquiry. This is a big problem. Even if your purchase won’t be delivered until after you’re in a new home, your credit is still being pulled. Pulled credit stays with you. When your lender sees that a store has checked into your credit, they’re going to start digging. Large purchases affect your debt-to-income ratio, which affects purchasing power overall. If they see your buying power decreasing, you may lose the chance to buy your house entirely.

We had a client last year who, on the way to closing their home, bought a $70,000 car. Needless to say, they did not get a house. Once you sign that contract with the lender, you simply can’t buy anything major. If you wait 30 to 45 days to go ahead and buy everything you need, there’s no issue. If you don’t, the bank will be very curious about where all your money has gone.

If you have any questions about buying or selling homes, making big purchases, or anything else, feel free to contact me. I look forward to hearing from you.