Never Do These Things Between Loan Approval and Closing
October 3rd, 2017
- Do not miss any payments - it may get reported to the credit agencies and result in lowering your credit scores
- Do not open any new credit accounts - new tradelines almost, always result in a hard hit on your report, their by lowering your credit scores.
- Do not buy a car or make any large purchases between loan approval and closing. Not only will it impact your credit by lowering your credit scores, but, you also risk exceeding your debt -to-income ratio.
- Do not co-sign a loan for anyone during the loan approval and closing phase of purchasing your home - Life is movement - and buying a home involves a lot of moving parts. You want your mortgage payment to be easy, not a struggle. Paying bills late, miss paying them all-together, lots of credit inquires and increased debt, are all things that can increase the rate at which you are able to borrow money, including your mortgage loan. Happy home buying!
Diana Walton Licensed Real Estate Advisor Mobile: 281.923.1118 281.715.0064
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Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®