This is your yearly reminder to tell your clients to beware of Black Friday!
Tis this time of year for blockbuster savings! Every year we have at least one closing that is stopped because a buyer got a "deal they couldn't pass by" on an appliance or furniture for their new home on Black Friday or Cyber Monday. These deals are great, but not worth jeopardizing your loan.
Buyers who are getting a mortgage should never open new lines of credit in the time between applying for a mortgage and closing. Also, they shouldn't make any big purchases on credit that could mess with their available credit. All of this will slow down the closing process and could potentially make them ineligible for the mortgage.
The solution is simple. Remind your clients that they should not go shopping on Black Friday or Cyber Monday for big ticket items. While they might not save a lot of money on those deals; they will be saving their most important deal - their closing!