How a Couch Can Impact The Purchase of Your Home

Buying a home can be one of the most exciting times of your life. There is so much to prepare from signing contracts to buying furniture and more. But while you’re furniture shopping and see your dream couch, take a moment to pause before making the purchase. While you may not think anything of it at the moment, the purchase of that couch, or any furniture for that matter, can impact your loan and the sale of your home. 

“This is something we love to share with our clients because not everyone thinks of it during the homebuying process,” says Carol D. Calamari, Sales Associate at ERA Justin Realty. It is important to note that your credit is re-verified ahead of closing on your home. If there are discrepancies between your credit now and when it was first run, no matter how small, this may cause your loan to go through underwriting for a second time. 

These types of purchases ahead of closing on your home can alter and drop your credit score. For example, if you choose to purchase a piece of furniture that has not yet been paid off by the time a secondary check of your credit score is run, it could impact your loan and purchase of your home. 

While this doesn’t mean you won’t get your dream home, if your credit drops ahead of the purchase, you will most likely need to begin the loan process from the beginning again – causing a major delay. 

Though this information can be overwhelming, there’s no need to fear – the couch will still be in the furniture store when you are ready to purchase it. In the meantime, make sure to make thoughtful decisions that protect your credit and the purchase of your home. 

A real estate professional like Carol D. Calamari or any of the agents at ERA Justin Realty can “furnish” you with more details on the do’s and don’ts of buying a home. Give us a call at (201) 939-7500.