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Under Contract? Say ‘no’ to Black Friday!


Under contract on a house? Congratulations!! Considering making big purchases to fill your new home when it’s yours? Stop right there! Although there are many great deals on Black Friday and Cyber Monday, we do not recommend making any large purchases before closing on your mortgage. Although it may feel like you’re missing out, you do not want to cause your closing to be delayed or denied.

A mortgage is a major financial commitment. So, the underwriting process will include a thorough examination of your financial situation to make sure you can afford the loan. If you make a big purchase during the process, that could derail your mortgage application.

Whether you’re considering purchasing large ticket items with cash or credit, it’s best to hold off until after closing. If the purchase is something you need to finance – definitely say no! Purchasing in cash also effects your reserves and has already been reported to your lender so these changes will be noticed. Lenders check (it’s their job!) and if they spot any big purchases that significantly impact your financial picture, it’s possible they won’t finalize the mortgage.

Large purchases vary per each person’s income and budget but keep in mind that it’s best to delay purchases such as furniture, appliances, or vehicles.

Have questions? Contact your LRB Agent or your mortgage broker directly to ask specific questions in regards to your current mortgage status.