First time home buyers in Temecula, Murrieta and other portions of Riverside and San Diego County know the importance of maintaining a good credit score while searching for their first time home.
What you may not know is that your credit score is under scrutiny all the way through the process right up to the day you get the keys to your first home.
You've done all the right things. You've managed you're credit well, you got pre-approved for your first home loan. You diligently shopped for homes and compared mortgage interest rates. Your offer has been accepted by the bank, and you've signed the escrow paperwork.
Time to buy the new flat screen and furniture for your "man cave" or whatever is the female equivalent(lioness den?), Right?
Wrong!
Most Temecula first time home buyers are not aware their lender may run their credit at least one more time, and when the new guidelines from Fannie Mae take effect your credit will be run a third time at closing.
So what's a first time home buyer to do?
The easy answer is: Continue to do the same things you did to get your credit scores to an acceptable level: don't significantly increase the balance on your credit cards, don't buy a new car or make other large purchases etc, and PAY EVERYONE ON TIME!
Now that we know what to do, here's what not to do!
If you would like to speak to a first time home buyer specialist, call or email us.
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