Will paying for roof repairs for my other home affect my loan application?
I plan on getting a second house in Texas. I got a clear closing date this month. I have to pay a $6k down payment for roof replacement for my other home. Am I able to make that $6k payment from my bank account since closing is soon? I was advised not to make a big purchase before closing. Is the lender going to be aware of this $6k? Will that cause a problem for closing my second home? by tskirvin543 from Austin, Texas. Jun 27th 2022
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
My advice would be to pause on the payment of the repairs until after you close escrow on the new property if you can. I have had situations where a 'Large purchase' of just under $1,000 was enough to blow the deal. Others where purchase $10k in furniture and appliance for the new home did not impact the deal. Talk to your Mortgage Broker and run the scenario past them. Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Talk to your Loan Officer before doing anything! The general rule is it is best to do nothing while in the mortgage process. Don't buy a new card, don't move money around, etc. For many people, these activities can kill you loan application. For many others, it is a big nothing burger. Call you Loan officer. They tell you what is best in your personal situation. I provide home mortgage loans in MN WI IA ND SD. Find me at WI-MortgageBroker.com - Cambria Mortgage, NMLS 274132
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