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Hold Off on Large or Small Purchases Until after You Close on Your Home

Laurie Brill, 2020 President, Lorain County Association of Realtors®

Laurie Brill 2020 LoCAR President
As part of LoCAR's continuing effort to inform the general public of real estate issues, the following article was submitted to the Morning Journal, The Chronicle-Telegram and

Time and time again, it happens.

Someone, whether it’s a single person or a married couple, will find the house of their dreams … the perfect three-bedroom, two-bath bungalow, with hardwood floors, a shiny updated kitchen and room for a workbench in the garage.

An offer is made, the offer is accepted and a closing date is set. An application is made and discussions take place with a loan officer, who assures that there’s an approval for a mortgage on the dream home.

Then all common sense flies out the window. Two weeks before the scheduled close date on the house, a new car is purchased, or a new riding lawn mower and new leather sofa and loveseat. As if all that weren't enough, one of the borrowers quits their job and begins work for another company.

Then they seem surprised when the loan officer calls to tell them a final credit check performed three days before closing has uncovered the tracks of their $17,000 spending spree) And because of it, the loan officer tells them, they no longer qualify for the home loan. Sometimes (more often than you may think) … it doesn’t even take that amount of money to make a difference in the loan qualification.

A sad story, and one that happens all too frequently.

If there's one piece of advice I'd give to prospective buyers, it's to HOLD OFF ON ANY UNNECESSARY PURCHASES … LARGE OR SMALL UNTIL AFTER YOU CLOSE ON YOUR HOME. If something arises that is a necessity, please call your loan office and discuss it all first.

Most mortgage lenders use strict ratios of debt to gross income when they decide whether to award a mortgage loan. So, if you're thinking of buying a home anytime in the next year or so, try to pay off your credit cards and stay out of the car, furniture, appliance and decorating showrooms, at least for now. And save your money.

Trust me: you’ll still be able to find ways to spend it, AFTER you’re inside your new home.

For more information about qualifying for a home loan, call a member of the Lorain County Association of REALTORS®. They'll be happy to help put you in touch with a lender who will help you budget for your new home, and when you're ready, happy to help you find it.

If you are thinking about buying or selling a home, contact a REALTOR® today. Members of the Lorain County Association of REALTORS® care about the community in which they live, work and support.

Do your research and take advantage of the many housing opportunities right here in Lorain County. We are fortunate to live in a region with such vast offerings. From big to small, country to city... it's available in Lorain County! Our proximity to highway and freeway access provides great commute options both east and west! Contact your LoCAR REALTOR® member today.

The Lorain County Association of REALTORS® is an industry trade association representing licensed real estate sales agents in Lorain County who are members of the National Association of Realtors® (NAR) and the Ohio REALTORS® (OR). As members of NAR these licensed real estate agents have earned the REALTOR® designation and they pledge to protect the rights of homeownership and conduct their real estate business abiding by the NAR Code of Ethics.

The Lorain County Association of REALTORS® is excited partner with Lorain County Habitat for Humanity® for a charity golf outing that will assist Habitat’s work. Habitat for Humanity is a nonprofit ecumenical Christian housing ministry seeking to eliminate poverty housing and homelessness throughout Lorain County and is an affiliate of Habitat for Humanity International, a worldwide ministry supported by the National Association of REALTORS®. This charity golf outing will be held on September 28, 2020 at the Elyria Country Club. Your involvement provides a great opportunity for your company to receive community exposure and help to support a very worthwhile cause. If you are interested in golfing or sponsorship, please email:

The Lorain County Association of REALTORS® is one of more than 1,200 local boards and associations of REALTORS® nationwide that comprise the National Association of REALTORS®. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing nearly one million members involved in all aspects of the residential and commercial real estate industries.

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not all real estate sales agents are REALTORS®. All REALTORS® are members of NAR along with their State and Local Association.

Lorain County Association

5321 Meadow Lane Ct. #6
Sheffield Village, OH 44035
Telephone: (440) 328-4210
Fax: (866) 371-7492
Fair Housing Hotline: 800 662-FAIR

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REALTOR 'R'REALTOR® -- A registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. Inquiries regarding the Code of Ethics should be directed to the board in which a REALTOR® holds membership.