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What Not to Do Once Your Home is in Escrow
  Congratulations! You’re buying a new home. There’s much to be done: you put down the deposit, open escrow, schedule the appraisal and home inspection ... Once everything has been approved, you get excited as there is much to be done.  
Time to go shopping right?  
Wrong. 
No matter how solid the deal seems, your house isn’t yours until you get the keys (or the code to the smart-locks these days). Right up until that moment, your ability to qualify for the loan is under the microscope of your lender and a final credit report will be pulled before the deal is closed. It’s critically important that you don’t do something that can hurt your debt-to-income (DTI) ratio or your credit score during the time you’ve opened escrow and your closing and funding date. 
The tendency to start spending before your home closes is not rare. In fact, according to a 2016 TransUnion study, consumers applying for a mortgage are three times as likely to open new credit cards and take out auto loans. Moreover, credit spending for those would-be mortgage borrowers actually rises in the months prior to closing on the loan. 
Don’t be a statistic. As Your Licensed Lending Officer at loanDepot I will always ... more

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