Interesting update from our friends at Champion Title this week.
In an editorial by Kenneth R. Harney of the Washington Post:
If you're thinking about applying for a home mortgage, here's somewhat important news: Beginning June 1, your lender is likely to order a second full credit screening immediately before closing.
The last-minute credit report will be designed to find out whether you have obtained - or even shopped for - new debt between the date of your loan application and the closing. If you've made applications for credit of any type - for furnishings and appliance for the new house, a car, landscaping, a home equity line, new credit card, you name it - the closing could be put on hold.
And NO ONE wants that!! Borrowers...please keep that spending on your new home at bay until AFTER you've settled!
(and try to hold off on that new car purchase just before you preapprove for a mortgage)