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Things You Should Avoid After Applying For a Home Loan
Avoid The Things After Applying For A Home Loan
You’ve done everything right so far; you’ve found a great lender, received a preapproval, searched homes with real estate agents, and submitted 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 gettinging the home and losing the loan. It's very difficult buying a house with bad credit.
Things You Should Never do After Applying for a Loan
• Don’t Change Jobs – While sometimes it’s unavoidable, especially if a 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’t Make any Large Purchases – As tempting as it may be to go shopping 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’t Apply for New ... more
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