After Loan Approval....DON'T BREATH AT ALL UNTIL YOU CLOSE!
This is a reminder for home buyers looking to purchase or even more so for those under contract. Once you get an offer accepted to go out and get your credit pulled. It could change your score or adding new debt could change your debt ratios and keep you from getting your house.
Or At Least Until You Close
Here's the deal
Your credit will be re-pulled prior to closing!
Book it!
Bank on it!
Expect it!
Last month we had about 1500 closings and two issues came up prior to closing. One person had new credit because of a recent purchase and the other person had just "looked" into obtaining credit. The real issue is this. Don't do anything once you've applied for a loan. After you've gone to closing,
then you can go purchase items til they come through your wazoo, but until then....
Fogettaboutit!
Recently, I've seen companies getting bit in the butt by this new rule. Make sure that you're educating your consumer. As a realtor, assume that the lender won't educate the borrower to this rule, so you should.
Don't have your closing blow up. Don't look into credit until you've closed on your new loan!
If you choose, you can find me here:
NMLS ID#158606
An Illinois Residential Mortgage Licensee
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