Things You Should Avoid After Applying For a Home Loan

Dated: August 7 2020

Views: 458

Things You Should Avoid After Applying For a Home Loan ...

                                                

You’ve done everything right so far; you’ve found a great lender, received a pre- approval and submit;ed your loan package for final approval. Now you’re done, right? Wrong. until you close on your new loan, it’s more important than ever to keep your credit steady; most lenders perform one last credit check right before they fund and a decline in your score can mean the difference between getting the home and losing the loan.

Things You Should Never do A0er Applying for a Loan

  • Don’tChangeJobs–WhilesomeDmesit’sunavoidable, especially if the new job is the reason for the move, but any change in income or job status creates risk and should be avoided if possible.

  • Don’tMakeanyLargePurchases–AstempDngasitmaybetogoshopping for new furniture, wait until after you close to make any large purchases. This applies to furniture, appliances, and even new cars. New loans could change your debt to income ratio and cause you to no longer qualify for the loan.

  • Don’tApplyforNewCredit–EveryDmesomeonerunsyourcreditreport, your score is affected. This is not the time to search for a new credit card.

  • Don’t CloseAnyCreditAccounts–ItmightseemcounterintuiDve, but closing or paying off loans or credit cards might actually bring your FICO score down. The length of Dme you’ve had your credit open is a positive effect on credit scores.

    The bottom line is to avoid doing anything to your credit. If you’re unsure of what you can or cannot do, ask you lender; they can guide you in the right direction and make sure you close on your new loan. 

Latest Blog Posts

Thinking of Buying or Selling this Spring?

Thinking of Buying or Selling a Home This Spring? The housing market has a lot to offer both buyers and sellers right now. Let's connect to make sure you have the resources you need for the

Read More

Home prices and interest rates on the rise!

There’s no time like the present if you want to buy a home. Today’s housing market has a lot to offer, but its great buying conditions won’t last forever. Getting ready to buy this

Read More