Buying a Home? Don’t Buy Anything Else Until After Closing!

With many buyers being close to the maximum debt-to-income ratio with their financing, it has become critically important that once a buyer has begun the process of securing a mortgage they must exercise absolute restraint when it comes to making purchases of any kind outside the typical and essential living expenses.

Due to new regulations, lenders are now having to re-pull credit report information just prior to closing. Changes in your credit can result in a re-underwrite, the need for additional documentation, or suspension of loan closing.

This means no new cars, motorcycles, furniture, appliances, wedding rings, vacations, or anything else that could potentially edge the debt level to one that is unacceptable for the financial institution. Avoid the temptation to accept the "10% off your store purchase by applying for a store credit card today" sales pitch.

It may seem foolish, but this is happening often and it is delaying and ending real estate purchases. Realtors and mortgage representatives should advise buyers to wait. Once the property has closed, then they can go ahead and make that much-awaited purchase.

And above all else, this is no time to be changing jobs (30-day pay stub requirements are being enforced)!

Parents of Chapman Elementary Students - You may need to Reroute to Pick up the Kids!

Driving along Route 10 in Cheshire lately, you may have noticed that some signs have gone up that are covered in black plastic. Of course the curious have begun to tear off the plastic to see what is coming! Here is the lowdown:

Country Club Road Bridge will be closed for repair beginning on Tuesday, September 7, at 7:00 A.M. The bridge is located on Country Club Road, between Round Hill Road and Wolf Hill Road (you know, the bridge that has been just one lane for the past few months!). It will be closed to vehicles, bicyclists and pedestrians. The Town of Cheshire anticipates that the bridge will re-open by Friday, December 17.

Country Club Road from Wolf Hill Road will be restricted to homeowners residing on Country Club Road, and this portion of the road will not be open to through traffic. Northbound traffic on Country Club Road and southbound traffic on Wolf Hill Road will be prohibited from turning east onto Country Club Road at the Wolf Hill Road intersection.

To assist you in traveling around this bridge closure, it is advised that Creamery Road be utilized as the main route from Route 10 and alternatively, that Academy Road to Wiese Road be used as a method to reach the southern portions of Country Club Road.